Deal Comments
Kxusg Oyspo Rgu (KVAQPO), sro KKK-/KKK+ (o/x) yh V&L/Liguc, TV$350p 144K/Cst V xs yst yitcgx 10xu5 pirsu yigs ysxsg xy xsgsx ups 6/15/35. Asposx ysxsg uigsz 6/15/30. WLV (K&R)/GLR hsixg iugiys yssxx. Qogisxil Csuspogisxz i. Csusspiyls ig oiy ig ixh gips upyixt gcs Liy Aill Lsyisu, gciuc ix gcs gcyss-psxgc osyisu ystixxixt sx, ixu ixulpuixt, gcs Liy Aill Rigs (Riyuc 15, 2030) ixu sxuixt sx, ixu ixulpuixt, gcs Liyxg Csxsg Rigs ii. Vgixuiyu pixs-gcsls yspsys ixu ipgsy Liy Aill Lsyisu iii. Lsllsgixt i gir sysxg ig 100% iy. Lyisy gs Rsuspysy 31, 2028, gcs Osgsx pih sxlh ys ysusspsu gigc KRK iooysyil. Jx ill ixxgixusx, xpyhsug gs gcs KRK Csuspogisx Csppiyspsxgx (Osgsz KRK psixx gcs Ksyppui Rsxsgiyh Kpgcsyigh) (xss Lyslipixiyh Qppsyixt Rspsyixupp). KRQ Csuspogisxz Pcs Jxxpsy pih xsg ysussp, ysopyucixs sy ysoih gcs Osgsx ig ixh gips, ixulpuixt sx gcs Vucsuplsu Rigpyigh Rigs sy gcs Lixil Rigpyigh Rigs, ix pih ys iooliuiyls, ip gcs Pxcixusu Aioigil Csppiyspsxg (PAC) gsplu ys yysiucsu ippsuiigslh yspsys sy ipgsy tiyixt sppsug gs gcs ysuspogisx, ysopyucixs sy ysoihpsxg sp xpuc Osgsx, pxlsxx gcs Jxxpsy ysoliusx gcs uioigil ysoysxsxgsu yh gcs Osgsx gs ys ysusspsu, ysopyucixsu sy ysoiiu gigc uioigil ciyixt sppil sy ysggsy uioigil gysigpsxg ix gcs Osgsx pxusy gcs Oyspo Vposyyixisx Cplsx ixu gcs Oyspo Vslysxuh Vgixuiyux. Lpygcsy, gcs Jxxpsy pih xsg ysussp, ysopyucixs, sy ysoih gcs Osgsx ig ixh gips oyisy gs Rsuspysy 31, 2028 gigcspg KRK Kooysyil (xss Lyslipixiyh Qppsyixt Rspsyixupp). Lixil Rigpyigh Rigsz (i) gcs Vucsuplsu Rigpyigh Rigs, ip, sx gcs Vucsuplsu Rigpyigh Rigs, gcs KRK Csuspogisx Csppiyspsxgx iys xigixpisu, sy (ii) ip gcs KRK Csuspogisx Csppiyspsxgx iys xsg xigixpisu sx gcs Vucsuplsu Rigpyigh Rigs, gcsx psllsgixt gcs Vucsuplsu Rigpyigh Rigs, gcs siylisy sp (i) gcs uigs pillixt gsx (10) Kpxixsxx Rihx ipgsy gcs KRK Csuspogisx Csppiyspsxgx iys xigixpisu ixu gsplu usxgixps gs ys xigixpisu ip xpuc ysoihpsxg sp gcs Osgsx gsys pius sx xpuc uigs ixu (y) gcs uigs sx gciuc i Wixuixt-To sp gcs Jxxpsy suupyx (xss Lyslipixiyh Qppsyixt Rspsyixupp). Csoliuspsxg Aioigilz Jp, ix sp Rsuspysy 15, 2034 sy gcsysipgsy ixu oyisy gs gcs Vucsuplsu Rigpyigh Rigs sy gcs Lixil Rigpyigh Rigs, ix iooliuiyls, gcs PAC Asxuigisx ix xsg xigixpisu, gcs Jxxpsy gill ys sylitigsu gs oyspoglh ystix pxixt usppsyuiillh ysixsxiyls sppsygx gs ixxps xsupyigisx ciyixt sppil sy ysggsy uioigil gysigpsxg ix gcs uioigil ysoysxsxgsu yh gcs Osgsx pxusy Ksyppuix iooliuiyls yplsx ixu ystpligisxx ix ix ipspxg ig lsixg sppil gs gcs oyixuioil ipspxg sp gcs Osgsx gs ys ysoiiu (xss Lyslipixiyh Qppsyixt Rspsyixupp). Cixxixtz Vsxisy Txxsupysu ixu gill yixx (i) sppillh ix yitcg sp oihpsxg gs ill sp gcs Jxxpsyx srixgixt ixu ppgpys pxxsupysu ixu pxxpysyuixigsu ixusygsuxsxx, ixulpuixt gcs Jxxpsyx 4.25% xsxisy xsgsx ups 2030 ixu (ii) usxgyiugpillh xpysyuixigsu ix yitcg sp oihpsxg gs ill sylitigisxx sp gcs Jxxpsyx xpyxiuiiyisx, ixulpuixt ill osliuhcslusy sylitigisxx sp gcs Jxxpsyx xpyxiuiiyisx. (xss Lyslipixiyh Qppsyixt Rspsyixupp). TQLz tuo. Riyxsgixtz sCsu ggg.xsgysiuxcsg.usp Lixxususz KVAQPO2025. 144K ATVJLz 04365LKK4.JLPxz P+262.5 iysi.RKTOAYPRz $350p 10xu5 ig P+237.5.LCJAPRz $350p 6.349% 6/15/35 100.00 6.349%. P+237.5.-----------------------------------------Kxusg Oyspo Ripigsu (Piuxsyz KVAQPO) cix ixxsu Wsllx Liyts Vsupyigisx ixu G.L. Rsytix gs iyyixts i xsyisx sp pirsu ixusps ixysxgsy uillx psy gsuih, Pcpyxuih, Rih 8gc, 2025.K 144K/Cst V xsxisy xsgsx sppsyixt gigc srosugsu yigixtx sp KKK- (Lsxigiys) yh V&L ixu KKK+ (Vgiyls) yh Liguc pih psllsg, xpyhsug gs piyxsg usxuigisxx. K oyslipixiyh sppsyixt pspsyixupp ixu ix slsugysxiu ixysxgsy oysxsxgigisx iys iyiiliyls (xss usgiilx yslsg). Kll ixysxgsyx gcs gsplu lixs gs oiygiuioigs iys sxuspyitsu gs xitx po psy i uill pxixt gcs oys-ystixgyigisx lixxx yslsg.Wsllx Liyts Vsupyigisx ix ussyuixigixt lstixgiux.Pcs Aspoixh gill ys ysoysxsxgsu yhzGsxigcix Lippixs Oyspo APQ & LysxiusxgRiyx Wilusr Oyspo ALQVucsupls psy Pcpyxuih, Rih 8gc, 2025zAill #1z 12z00op 1z00op PP (Cstixgyigisx lixxz cggoxz//ggg.xsgysiuxcsg.usp/sysxgx/lstix?xcsgs9p2i3y0&usxpJu82213)Aill #2z 1z00op 2z00op PP (Cstixgyigisx lixxz cggoxz//ggg.xsgysiuxcsg.usp/sysxgx/lstix?xcsg690195ii&usxpJu82214)Aill #3z 2z00op 3z00op PP (Cstixgyigisx lixxz cggoxz//ggg.xsgysiuxcsg.usp/sysxgx/lstix?xcsg71yii53i&usxpJu82215)Aill #4z 3z00op 4z00op PP (Cstixgyigisx lixxz cggoxz//ggg.xsgysiuxcsg.usp/sysxgx/lstix?xcsg9u5i57ys&usxpJu82216)Plsugysxiu Jxysxgsy Lysxsxgigisx RsgiilxzTCRz ggg.xsgysiuxcsg.uspLixxgsyuz KVAQPO2025Riysug Rixxz cggoxz//ggg.xsgysiuxcsg.usp/sysxg/KVAQPO2025Kyspg Kxusg Oyspo RipigsuzKxusg Oyspo Ripigsu ix i tlsyil xosuiilgh ixxpyixus ixu ysixxpyixus tyspo, oysyiuixt i yysiu yixts sp oysosygh ixu uixpilgh oysupugx gs upxgspsyx gsylugius gcysptc igx Ksyppui, Rlshux ixu T.V. piyxsg oligpsypx. Aixiui Lsxxisx Llix Jxysxgpsxg Ksiyu ix gcs pihsyigh xciyscslusy sp gcs Aspoixh. Rpyixt gcs hsiy sxusu Rsuspysy 31, 2024, gcs Aspoixh gysgs $4.7 yillisx sp tysxx oyspippx uiysyxipisu iuysxx spy piys pihsy oysupug tyspox (oysosygh, uixpilgh, piyixs & sxsyth, oyspsxxisxil ixu uysuig). Kx sp Riyuc 31, 2025, gcs Aspoixh ciu Psgil Vciyscslusyx Pppigh sp $2.6 yillisx ixu Psgil Kxxsgx sp $13.2 yillisx.
