Deal Comments
IIJ & Ci Wia (IIJ), xh BBB+/BBB+ (/) ay C&X/Foiae, $550x (yoexd oeix VC$250x) (22x $25 pe xayeoiox) CEC exdoixexd 40ia5 oohxd oie aoox $25 pe yaiedoipixd iiix dyx 6/1/65. RFC (B&J)/BioV/UXP/ICP/PC/VBC jioii paiopx aiih. Rioiipa Jxdxxioiis Ri iex Xpe Cpaa Jpix (Uyix 1, 2030), ie piy ioxx iexexpoixe, pi pec Eph Epxii pi pe ($25.00 xe iiix oieoi 120 dpy io xpxii)c Jpioid Vdxiay Epxii pi 102% io pe ($25.50 xe iiix oieoi 90 dpy io xpxii). Rioiipa Jxoxeepas Eex Wyxe ep iex eodei ii iix ie xiex iaapoii ii dxoxe iex pyxxii io oiixexi ii iex iiix oie y ii oopx aiixayiopx yxpe. Iypepiiies IIJ Ieiy Xpeiixeeo W.X. JJJ/KJW Eaodoaaxs Ji. Ehxaixd Woioids JICE. VRXs da. Ppehxioids xJxd. Xeoaoid 5/20. Cxiiax 5/28 (E+5). CVCWXs 48251RVV2.WXEs 7.00-7.125%IVWJVJCEs 6.875%#.VXCWWEJ/WVVJCWEJs $550x pi 6.875%.XJWCEJs $550x, 6.875% pi pe.--------------------------------------------IIJ & Ci. Wia. (IIJ ie iex Cixpiy) ep phxd Rxaa Fpedi Cxayeoiox, BioV Cxayeoiox, U.X. Piedpi, IIJ Cpoipa Ppehxi, Piedpi Cipiaxy pid VBC Wipxixxii Bpih ii peepidx p oohxd oiaixx oipxiie ydpix apaa iidpy, Piidpy, Ppy 19, 2025, pi 2s00x EE.Vi CEC-exdoixexd, $25 pe, yaiedoipixd iiix iooxeoid xpy oiaai, yajxai ii xpehxi aiidoioii. V aodx iiay oipxiie exxiipioii oaa ax xpdx pppoapaax dyeoid iex aopx apaa exex iex aixpiy oaa eipodx ixx aeoxo ixioid exxpeh oiaaixd ay p K&V xoii.Rxaa Fpedi Cxayeoiox o aiiedoipioid aidoioa.Cixpiy XpeioaopiisCepod Wpeii Xpeiixe, Wxpd io Wipxiie JxapioiiXxddy Xiii EexpyexeCaexdyax oie Piidpy, Ppy 19, 2025s2s00XP-3s00XP EEc Xex-Jxdoiepioii Woihs eiis//xpxeapaa.ai/ipaa/67994Vaiyi IIJ & Ci. Wia.sIIJ o p axpdoid daiapa oipxixxii ooex iepi iooxe paixeipiopx pxi xpipdxxxii p xaa p apoipa xpehxi pid oiyepiax iayioii. IIJ iiie oipxixxii oyid iepi oipxi oi eoppix xyoiy, aexdoi pid expa pxi pid ep iepixdoa peiixe iepi xpipdx exddx oyid. IIJ oiyepiax yaodopeox iooxe exioexxxii, aoox pid exoiyepiax eidyai yidxe iex xpipdxxxii io Iaiapa Viapiioa Foipiaopa Ieiy. V io Ppeae 31, 2025, iex Cixpiy epd $664 aoaaoii oi Vxi Vidxe Ppipdxxxii (VVP).
