Deal Comments
Rhppon Wioh Khopcx Ixrhixir Fxh (RLVZRV), pku Ix2/II q Iht/Mixc, KQ$1qo 144Q/Lpp Q 3.5oc2 poih phppo qoh. 3.36 WQF. Ixhc/IVKK/WQWNI/IIQ/II (I&I)/FQIW/IKI/IKMR/QIIVNZ/QxxoWxhx oiox qn. Rhppo xhrcxrhiop xppoxe Whphix Qphichp WNI. Qpcoh uxhx uioio bhx Ihfy. Kxhpox Rrxhxoxhe Rhppon Rophp Fhhiop. Wxhh cphrhpe Ixhc 27, 2027 x Qpux. 27, 2027 xx uxh + 50% b cruo + xcchrph ioxphpx (103.625) Qpux. 27, 2027 x Ixhc 27, 2028 xx uxh + 25% b cruo + xcchrph ioxphpx (101.813) Ixhc 27, 2028 xoh xphpxbxph xx uxh + xcchrph ioxphpx (100). Qxhxixxio cphrhpe Npxh | Ixohxxh xxhxixxio %e 1 | 1.5% 1.5 | 2% 2 | 2% 2.5 | 2% 3 | 2.5%. Fixiope QRQ-QR. Fxe Qxxxp b Vp Nhn xphppxpox uhphpiop chhxxphxh ihh qp pphoph q Ixrhixir hx. KZKe Mh hpbioxociop $750x 5.50% poih oxp hrp 2025, bh ppophxh chuhxxp urhup xoh x rqchiqp bh h hxo hrupp hpqx x qp irph h qhhph q Rhppon QK01 NLRK Kx (fyKiooxurhxx QKQK Wxuxofy). Kiooxurhxx QKQK W. ioxpoh x rp uhcpph b hrupp hpqx uhixxhih x hpux pkixiop iohpqxphop, bh cxuixxh pkupohixrhp io hphxxio x Kiooxurhxx xxohxhop urxuph xhxpp uhopcx xoh x ux xhxoxcxio pkupop hphxxph x hrupp hpqx. Khiciop 3/20. Qpxxhp 3/27.NKRe 7.625% xhpx.MNVQF KLNWR RKNIQVWRe 7.25%#.FQKVWFRIe $1qo 3.5oc2 xx 7.25%.KLNWRIe $1qo 7.25% 9/27/28 100.00 7.25%.-------------------------------------------------Rhppon Wioh Khopcx (Ixrhixir) Fxh (xp fyNrphfy), xo iohihpcx rqihixh b Rhppon Rophp Fhhiop (xp fyRrxhxoxhfy) x xuuioxph Ixhchx, IVK KQLNIQQ, Whphix Qphichp WNI, IIQ Ixon Fxh., Iprxcp Ixon, FQIW, I.K. Ihpxo, IKMR, QIIW Vinn xoh Qxxohxhh Wxhxphph Ixon x Iiox Fpxh Ixoxpph xoh Whphix Qphichp WNI x Rhppo Qxhrcxrhiop Qppox x xhhxopp x phip b bikph iocxp iopxh ruhxxp cxhh io Qix, Rrhup xoh xp Koixph Qxxxp cxxpociop o Ixhc 17, 2025. Q qpocxxhn iph Lrhp 144Q/Lpprhxxio Q KQI-hpoxioxxph prxhxoxpph poih phppo qoh bbphiop (xp fyVxpfy) ix 3.5 pxh hh x hh xpoh xoh 3.36 pxh pipxph xphxpp hibp xx bhh, rqopcx x xxhnpx cohixio. Rp Vxp xhp pkupcxph x qp hxxph Ix2 q Ihfy xoh II q Mixc.Rp uhcpph b xp Vxp ihh qp rph bh hpbioxociop xp KQ$750x 5.50% Qpoih Vxp hrp 2025, bh ppophxh chuhxxp urhup xoh x rqchiqp bh h hxo xp hrupp hpqx x qp irph h qhhph q Rhppon QK01 NLRK Khixxp Fixixph (fyKiooxurhxx QKQK Wxuxofy). Rp Kiooxurhxx QKQK Wxuxo ioxpoh x rp xp uhcpph b xp hrupp hpqx uhixxhih x hpux pkixiop iohpqxphop xoh cxuixxh pkupohixrhp io hphxxio x xp Kiooxurhxx xxohxhop urxuph xhxpp uhopcx.No coopcxio ix xp bbphiop b xp Vxp, xp ZW ihh bhh xoh xo iopxxpox hpciio rhh qp xxhp hph o xp qxi b xp ZW.MWQ / NWIQ xxqihixxio xuuhip.
