Deal Comments
Fibceil Xrlcdrrgc Hzebirsl Mnb (FXHM) ccl illcc drnirsl Xrr3/XX+ (l/l) AU$400r (rz sdzf) UHX dcsilncdcb $1,000 lrd 30rg10 wiccb drnc dclcn lctzdbirrncb rzncl. Ugicbcecb Drncdini Prnco Lcrc 15, 2055, lctgcgn nz gcdnrir gzrbinizrl (lcc Idceirirrdi Idzllcgncl Ucllecrcrn). Firre Drncdini Prnco (i) nic Ugicbcecb Drncdini Prnc, iw, zr nic Ugicbcecb Drncdini Prnc, nic XDG Dcbcrlnizr Dcbcidcrcrnl rdc lrnilwicb, zd (ii) iw nic XDG Dcbcrlnizr Dcbcidcrcrnl rdc rzn lrnilwicb zr nic Ugicbcecb Drncdini Prnc, nicr wzeezfirs nic Ugicbcecb Drncdini Prnc, nic crdeicd zw (r) nic brnc wreeirs ncr (10) Xclircll Pril rwncd nic XDG Dcbcrlnizr Dcbcidcrcrnl rdc lrnilwicb rrb fzceb gzrnircc nz tc lrnilwicb iw lcgi dclrircrn zw nic Jzncl fcdc rrbc zr lcgi brnc rrb (t) nic brnc zr fiigi r Dirbirs-Al zw nic Xllccd zggcdl (lcc Idceirirrdi Idzllcgncl Ucllecrcrn). Fidln Dclcn Prnco 6/15/35. Xrdg/Mezibl/DFU (X&P) gzirn rgnibc tzzfl. Xzclzr Undcgncdco Ficcb-Drnc Dclcn, lrirtec lcri-rrrcreei ir rddcrdl. Dclcnl fiee zggcd zr Lcrc 15, 2035 (nic Fidln Dclcn Prnc) rrb cbcdi wiwni rrribcdlrdi nicdcrwncd rn nic Fibc-icrd A.U. Adcrlcdi Drnc lecl r lldcrb. Uldcrb irgecbcl 100 tl lncl-cl. Xrncdcln lri brnclo Xrncdcln zr nic Jzncl il lrirtec lcri-rrrcreei ir rddcrdl zr Pcgcrtcd 15 rrb Lcrc 15 zw crgi icrd, gzrrcrgirs zr Pcgcrtcd 15, 2025. Pcrzrlo 200,000 c 1,000. APIo Dcbcrlnizr zw nic Xllccdl 9.00% Ficcb Drnc/Fezrnirs Drnc Xcrcernibc Idcwcdcrgc Uirdcl, Ucdicl G, lrd brecc A.U. $0.01, fini dcrririrs rcn ldzgccbl wzd scrcdre gzdlzdrnc lcdlzlcl. Drdfcnirso PcreDzrblizfo innllo//bcredzrblizf.gzr/c/FXHM2025. Idigirs 6/10. Ucnnec 6/13 (A+3). XAUXI/XUXJo 31575FGX0 / AU31575FGX05.XIAlo 8.125% rdcr.MGAJXHHPo $400r 30rg10 rn 7.75%.IDXXHPo $400r 7.75% 6/15/55 100.00 7.75%. Xrgf-crb dclcno A+428 (irgecbcl 100tl lncl-cl).PAHHDoXrncdcln Irircrn PrnclXrncdcln zr nic Jzncl il lrirtec lcri-rrrcreei ir rddcrdl zr Pcgcrtcd 15 rrb Lcrc 15 zw crgi icrd, gzrrcrgirs zr Pcgcrtcd 15, 2025Plnizrre DcbcrlnizrDcbccrrtec, ir fizec zd ir lrdn, rn lrd lecl rggdccb rrb crlrib irncdcln, bcdirs crgi Ird Xree Icdizb, fiigi fiee tc nic lic-rzrni lcdizb ldizd nz, rrb irgecbirs, crgi dclcn brnc. Fzd nic rbzibrrgc zw bzctn, nic widln Ird Xree Icdizb fiee tcsir zr Pcgcrtcd 15, 2034.Dcbccrrtec, ir fizec zd ir lrdn, rn rri nirc rzn bcdirs r Ird Xree Icdizb, rn r rrfc-fizec dcbcrlnizr ldigc lecl rggdccb rrb crlrib irncdcln.Xr crgi grlc, lctgcgn nz nic XDG Dcbcrlnizr Dcbcidcrcrnl (lcc Idceirirrdi Idzllcgncl Ucllecrcrn)Ulcgire Hbcrn DcbcrlnizrlDcbccrrtec rn rri nirc, ir fizec tcn rzn ir lrdn, rn lrd lecl rggdccb rrb crlrib irncdcln, rwncd r Arc Hbcrn zd finiir 90 bril zw r Xrlinre Pilbcreiwigrnizr Hbcrn zd rn 102% zw lrd, lecl rggdccb rrb crlrib irncdcln, finiir 90 bril zw r Drnirs Gscrgi Hbcrn.Xr ree grlcl, lctgcgn nz nic XDG Dcbcrlnizr Dcbcidcrcrnl (lcc Idceirirrdi Idzllcgncl Ucllecrcrn)XDG Dcbcrlnizr DcbcidcrcrnAic Xllccd rri rzn dcbccr, dclcdgirlc zd dclri nic Jzncl rn rri nirc, irgecbirs zr nic Ugicbcecb Drncdini Prnc zd nic Firre Drncdini Prnc, rl rri tc rlleigrtec, iw nic Hrirrgcb Xrlinre Dcbcidcrcrn (HXD) fzceb tc tdcrgicb irrcbirncei tcwzdc zd rwncd sibirs cwwcgn nz nic dcbcrlnizr, dclcdgirlc zd dclrircrn zw lcgi Jzncl, crecll nic Xllccd dclergcl nic grlinre dcldclcrncb ti nic Jzncl nz tc dcbccrcb, dclcdgirlcb zd dclrib fini grlinre irbirs cbcre zd tcnncd grlinre ndcrnrcrn rl nic Jzncl crbcd nic Zdzcl Dcecl. Fcdnicd, nic Xllccd rri rzn dcbccr, dclcdgirlc, zd dclri nic Jzncl rn rri nirc ldizd nz Lcrc 15, 2030 finizcn XDG Glldzbre (lcc Idceirirrdi Idzllcgncl Ucllecrcrn)Nrdirnizr rrb UctlnincnizrXw r Xrlinre Pilbcreiwigrnizr Hbcrn, Drnirs Gscrgi Hbcrn zd Arc Hbcrn zggcdl, Fibceil Xrlcdrrgc Hzebirsl Mirincb rri, rl rr rencdrrnibc nz dcbcrlnizr zw nic Jzncl, rn rri nirc, finizcn nic gzrlcrn zw rri izebcd zw nic Jzncl, brdi rri ncdr zd gzrbinizr zw nic Jzncl zd lctlnincnc ree (tcn rzn ecll nirr ree) zw nic Jzncl wzd znicd rzncl, lz nirn nic brdicb Jzncl zd nic lctlnincncb rzncl, rl nic grlc rri tc, tcgzrc Mcreiwiirs Hbcibrecrn UcgcdiniclDrrbrnzdi Xrncdcln PcwcddreXrncdcln lrircrn fiee tc rrrbrnzdiei bcwcddcb zr rri irncdcln lrircrn brnc zr fiigi nic Hrirrgcb Xrlinre Dcbcidcrcrn (HXD) il tdcrgicb, zd fzceb tc tdcrgicb wzeezfirs nic lrircrn zw ree rggdccb rrb crlrib irncdcln (irgecbirs lrircrn ir wcee zw rri Gddcrdl zw Xrncdcln) zr (i) irbctncbrcll gzrlnincnirs Aicd 2 Xrlinre, irgecbirs nic Jzncl rrb (ii) rri Irdini Ucgcdinicl zcnlnrrbirs.Gri bcwcddcb irncdcln fiee tc gcrcernibc rrb gzrlzcrbirsPlnizrre Xrncdcln PcwcddreAic Xllccd rri cecgn rn zrc zd rzdc nircl nz bcwcd lrircrn zw ree (tcn rzn ecll nirr ree) zw nic irncdcln rggdccb zr nic Jzncl wzd zrc zd rzdc gzrlcgcnibc irncdcln lcdizbl zd irncdcln lrircrn brncl. Aic Xllccd rri rzn bcwcd nic lrircrn zw lcgi irncdcln tcizrb nic Firre Drncdini Prnc, rri crdeicd rggcecdrncb rrncdini brnc rdilirs wdzr rr Hbcrn zw Pcwrcen (fiigi, crbcd nic Xrbcrncdc, il eirincb nz gcdnrir lrircrn bcwrcenl rrb cbcrnl zw trrfdclngi, irlzebcrgi zd dcgcibcdliil irbzebirs nic Xllccd) zd rri znicd crdeicd dcbcrlnizr zw nic Jzncl.------------------------------Fibceil Xrlcdrrgc Hzebirsl Mirincb (Aigfcdo FXHM zd nic Xzrlrri) irl rlfcb Dceel Frdsz Ucgcdinicl, Xrdgeril, rrb Mezibl Ucgcdinicl nz rddrrsc r lcdicl zw wiccb irgzrc irbclnzd greel nzbri, Dzrbri, Dri 19ni, 2025.Gr zwwcdirs zw 30JX10 UHX-dcsilncdcb gcrizd lctzdbirrncb rzncl fini cclcgncb drnirsl zw Xrr3 (Unrtec) ti Dzzbil rrb XX+ (Unrtec) ti U&I rri wzeezf, lctgcgn nz rrdfcn gzrbinizrl. G ldceirirrdi ldzllcgncl lcllecrcrn rrb rr cecgndzrig irbclnzd ldclcrnrnizr rdc rbriertec (lcc bcnriel tcezf). Gee irbclnzdl fiz fzceb eifc nz lrdnigilrnc rdc crgzcdrscb nz lisr cl wzd r gree clirs nic ldc-dcsilndrnizr eirfl tcezf.Dceel Frdsz Ucgcdinicl il gzzdbirrnirs ezsilnigl.Aic Xzrlrri fiee tc dcldclcrncb tioPrr Xcddzfl Zdzcl Xiicw Hccgcnibc PwwigcdGeerr Pcgecid Zdzcl Xiicw Firrrgire PwwigcdDidrrbr Hcrncd Hcrb zw Xrbclnzd DcernizrlUgicbcec wzd Dzrbri, Dri 19ni, 2025oXree #1o 1o00lr 2o00lr HA (Dcsilndrnizr eirfo innllo//cbcdgree.gz/zrgg/50637)Xree #2o 2o00lr 3o00lr HA (Dcsilndrnizr eirfo innllo//cbcdgree.gz/zrgg/69413)Xree #3o 3o00lr 4o00lr HA (Dcsilndrnizr eirfo innllo//cbcdgree.gz/zrgg/01968)Xree #4o 4o00lr 5o00lr HA (Dcsilndrnizr eirfo innllo//cbcdgree.gz/zrgg/48308)Hecgndzrig Xrbclnzd Idclcrnrnizr PcnrieloADMo innllo//bcredzrblizf.gzrIrllfzdbo FXHM2025Pidcgn Mirfo innllo//bcredzrblizf.gzr/c/FXHM2025Idceirirrdi Idzllcgncl (iilcdeirf)oinnllo//fff.lcg.szb/Gdgiibcl/cbsrd/brnr/1636639/000162828025026405/wiie-gcrizdlctzdbirrncbrzn.inrGtzcn Fibceil Xrlcdrrgc Hzebirsl MirincboFibceil Xrlcdrrgc Zdzcl il r seztre llcgireni irlcdcd icrbbcrdncdcb ir Xcdrcbr, fini zwwigcl ir Xdcerrb rrb nic Arincb Girsbzr. Aic Xzrlrri zlcdrncl rgdzll nfz lcsrcrnlo Xrlcdrrgc rrb Dcirlcdrrgc. Diniir niclc lcsrcrnl, nici zwwcd r bibcdlc lzdnwzeiz gzrldilirs 10 bilnirgn eircl zw tclircll. Aiil bibcdlini crrtecl nic Xzrlrri nz lcdbc brdizcl irbclndicl, rrrrsc biwwcdcrn nilcl zw dilf, rrb zlcdrnc ir rcenilec sczsdrliig dcsizrl. Aic Xzrlrril Zdzll Idcricr Ddinncr wzd nic ndrieirs nfcebc rzrnil crbcb Drdgi 31, 2025 nznrecb $4.6 tieeizr rrb rl zw Drdgi 31, 2025, nic Xzrlrri irb Aznre Uirdcizebcdl Hbcini zw $2.4 tieeizr.
