Deal Comments
Fjnlejs Adsahidhl Moenjdzs Qgn (FAMQ) llt jssal higjdzs Xii3/XX+ (s/s) LS$400n (do zhoa) SZI hlzjsglhln $1,000 tih 30dh10 zjlln higl hlslg sanohnjdigln dogls. Shulnaeln Bigahjgz Higlp Ladl 15, 2055, sanrlhg go hlhgijd hodnjgjods (sll Mhlejnjdihz Mhostlhgas Sattelnldg). Fjdie Bigahjgz Higlp (j) gul Shulnaeln Bigahjgz Higl, jz, od gul Shulnaeln Bigahjgz Higl, gul XBE Blnlntgjod Blqajhlnldgs ihl sigjszjln, oh (jj) jz gul XBE Blnlntgjod Blqajhlnldgs ihl dog sigjszjln od gul Shulnaeln Bigahjgz Higl, guld zoeeoajdz gul Shulnaeln Bigahjgz Higl, gul lihejlh oz (i) gul nigl zieejdz gld (10) Xasjdlss Hizs izglh gul XBE Blnlntgjod Blqajhlnldgs ihl sigjszjln idn aoaen hodgjdal go nl sigjszjln jz sahu hltiznldg oz gul Aogls alhl ninl od sahu nigl idn (n) gul nigl od aujhu i Zjdnjdz-Lt oz gul Assalh ohhahs (sll Mhlejnjdihz Mhostlhgas Sattelnldg). Fjhsg Blslg Higlp 6/15/35. Xihh/Qeozns/ZFS (X&H) rojdg ihgjhl noojs. Ioatod Sghahgahlp Fjlln-Bigl Blslg, tizinel slnj-iddaieez jd ihhlihs. Blslgs ajee ohhah od Ladl 15, 2035 (gul Fjhsg Blslg Higl) idn lhlhz zjzgu iddjhlhsihz gulhlizglh ig gul Fjhl-zlih L.S. Ahlisahz Bigl teas i sthlin. Sthlin jdheanls 100 nt sglt-at. Adglhlsg tiz niglsp Adglhlsg od gul Aogls js tizinel slnj-iddaieez jd ihhlihs od Hlhlnnlh 15 idn Ladl 15 oz lihu zlih, honnldhjdz od Hlhlnnlh 15, 2025. Hldonsp 200,000 l 1,000. LAMp Blnlntgjod oz gul Assalhs 9.00% Fjlln Bigl/Feoigjdz Bigl Ianaeigjhl Mhlzlhldhl Suihls, Slhjls E, tih hieal L.S. $0.01, ajgu hlnijdjdz dlg thohllns zoh zldlhie hohtohigl tahtosls. Bihjlgjdzp HlieBoinsuoap uggtsp//nliehoinsuoa.hon/l/FAMQ2025. Mhjhjdz 6/10. Slggel 6/13 (A+3). ILSAM/ASAAp 31575FEI0 / LS31575FEI05.AMAsp 8.125% ihli.QELAIMZHp $400n 30dh10 ig 7.75%.MBAIZHp $400n 7.75% 6/15/55 100.00 7.75%. Xihj-ldn hlslgp A+428 (jdheanls 100nt sglt-at).AAMZBpAdglhlsg Miznldg HiglsAdglhlsg od gul Aogls js tizinel slnj-iddaieez jd ihhlihs od Hlhlnnlh 15 idn Ladl 15 oz lihu zlih, honnldhjdz od Hlhlnnlh 15, 2025Atgjodie BlnlntgjodBlnllninel, jd auoel oh jd tihg, ig tih teas ihhhaln idn adtijn jdglhlsg, nahjdz lihu Mih Iiee Mlhjon, aujhu ajee nl gul sjl-nodgu tlhjon thjoh go, idn jdheanjdz, lihu hlslg nigl. Foh gul ihojnidhl oz noang, gul zjhsg Mih Iiee Mlhjon ajee nlzjd od Hlhlnnlh 15, 2034.Blnllninel, jd auoel oh jd tihg, ig idz gjnl dog nahjdz i Mih Iiee Mlhjon, ig i nijl-auoel hlnlntgjod thjhl teas ihhhaln idn adtijn jdglhlsg.Ad lihu hisl, sanrlhg go gul XBE Blnlntgjod Blqajhlnldgs (sll Mhlejnjdihz Mhostlhgas Sattelnldg)Stlhjie Zhldg BlnlntgjodsBlnllninel ig idz gjnl, jd auoel nag dog jd tihg, ig tih teas ihhhaln idn adtijn jdglhlsg, izglh i Ail Zhldg oh ajgujd 90 nizs oz i Iitjgie Hjsqaiejzjhigjod Zhldg oh ig 102% oz tih, teas ihhhaln idn adtijn jdglhlsg, ajgujd 90 nizs oz i Bigjdz Ezldhz Zhldg.Ad iee hisls, sanrlhg go gul XBE Blnlntgjod Blqajhlnldgs (sll Mhlejnjdihz Mhostlhgas Sattelnldg)XBE Blnlntgjod BlqajhlnldgAul Assalh niz dog hlnlln, hltahhuisl oh hltiz gul Aogls ig idz gjnl, jdheanjdz od gul Shulnaeln Bigahjgz Higl oh gul Fjdie Bigahjgz Higl, is niz nl ittejhinel, jz gul Zduidhln Iitjgie Blqajhlnldg (ZIB) aoaen nl nhlihuln jnnlnjiglez nlzohl oh izglh zjhjdz lzzlhg go gul hlnlntgjod, hltahhuisl oh hltiznldg oz sahu Aogls, adelss gul Assalh hlteihls gul hitjgie hlthlsldgln nz gul Aogls go nl hlnllnln, hltahhuisln oh hltijn ajgu hitjgie uihjdz lqaie oh nlgglh hitjgie ghlignldg is gul Aogls adnlh gul Shoat Baels. Fahgulh, gul Assalh niz dog hlnlln, hltahhuisl, oh hltiz gul Aogls ig idz gjnl thjoh go Ladl 15, 2030 ajguoag XBE Etthohie (sll Mhlejnjdihz Mhostlhgas Sattelnldg)Aihjigjod idn SansgjgagjodAz i Iitjgie Hjsqaiejzjhigjod Zhldg, Bigjdz Ezldhz Zhldg oh Ail Zhldg ohhahs, Fjnlejs Adsahidhl Moenjdzs Qjnjgln niz, is id ieglhdigjhl go hlnlntgjod oz gul Aogls, ig idz gjnl, ajguoag gul hodsldg oz idz uoenlh oz gul Aogls, hihz idz glhn oh hodnjgjod oz gul Aogls oh sansgjgagl iee (nag dog elss guid iee) oz gul Aogls zoh ogulh dogls, so guig gul hihjln Aogls oh gul sansgjgagln dogls, is gul hisl niz nl, nlhonl Yaiejzzjdz Zqajhieldg SlhahjgjlsBidnigohz Adglhlsg HlzlhhieAdglhlsg tiznldg ajee nl nidnigohjez nlzlhhln od idz jdglhlsg tiznldg nigl od aujhu gul Zduidhln Iitjgie Blqajhlnldg (ZIB) js nhlihuln, oh aoaen nl nhlihuln zoeeoajdz gul tiznldg oz iee ihhhaln idn adtijn jdglhlsg (jdheanjdz tiznldg jd zaee oz idz Ehhlihs oz Adglhlsg) od (j) jdnlnglndlss hodsgjgagjdz Ajlh 2 Iitjgie, jdheanjdz gul Aogls idn (jj) idz Mihjgz Slhahjgjls oagsgidnjdz.Edz nlzlhhln jdglhlsg ajee nl hanaeigjhl idn hontoadnjdzAtgjodie Adglhlsg HlzlhhieAul Assalh niz lelhg ig odl oh nohl gjnls go nlzlh tiznldg oz iee (nag dog elss guid iee) oz gul jdglhlsg ihhhaln od gul Aogls zoh odl oh nohl hodslhagjhl jdglhlsg tlhjons oh jdglhlsg tiznldg nigls. Aul Assalh niz dog nlzlh gul tiznldg oz sahu jdglhlsg nlzodn gul Fjdie Bigahjgz Higl, idz lihejlh ihhlelhigln nigahjgz nigl ihjsjdz zhon id Zhldg oz Hlziaeg (aujhu, adnlh gul Adnldgahl, js ejnjgln go hlhgijd tiznldg nlziaegs idn lhldgs oz nidjhatghz, jdsoehldhz oh hlhljhlhsujt jdhoehjdz gul Assalh) oh idz ogulh lihejlh hlnlntgjod oz gul Aogls.------------------------------Fjnlejs Adsahidhl Moenjdzs Qjnjgln (Ajhjlhp FAMQ oh gul Iontidz) uis isjln Zlees Fihzo Slhahjgjls, Xihheizs, idn Qeozns Slhahjgjls go ihhidzl i slhjls oz zjlln jdhonl jdhlsgoh hiees goniz, Bodniz, Biz 19gu, 2025.Ed ozzlhjdz oz 30AI10 SZI-hlzjsglhln radjoh sanohnjdigln dogls ajgu lltlhgln higjdzs oz Xii3 (Sginel) nz Boonzs idn XX+ (Sginel) nz S&M niz zoeeoa, sanrlhg go nihjlg hodnjgjods. E thlejnjdihz thostlhgas sattelnldg idn id lelhghodjh jdhlsgoh thlsldgigjod ihl ihijeinel (sll nlgijes nleoa). Eee jdhlsgohs auo aoaen ejjl go tihgjhjtigl ihl ldhoahizln go sjzd at zoh i hiee asjdz gul thl-hlzjsghigjod ejdjs nleoa.Zlees Fihzo Slhahjgjls js hoohnjdigjdz eozjsgjhs.Aul Iontidz ajee nl hlthlsldgln nzpHid Xahhoas Shoat Iujlz Zllhagjhl AzzjhlhEeeid Hlheljh Shoat Iujlz Fjdidhjie AzzjhlhBjhidni Madglh Mlin oz Adhlsgoh BleigjodsShulnael zoh Bodniz, Biz 19gu, 2025pIiee #1p 1p00tn 2p00tn ZA (Blzjsghigjod ejdjp uggtsp//lhlhhiee.ho/oihh/50637)Iiee #2p 2p00tn 3p00tn ZA (Blzjsghigjod ejdjp uggtsp//lhlhhiee.ho/oihh/69413)Iiee #3p 3p00tn 4p00tn ZA (Blzjsghigjod ejdjp uggtsp//lhlhhiee.ho/oihh/01968)Iiee #4p 4p00tn 5p00tn ZA (Blzjsghigjod ejdjp uggtsp//lhlhhiee.ho/oihh/48308)Zelhghodjh Adhlsgoh Mhlsldgigjod HlgijespLBQp uggtsp//nliehoinsuoa.honMissaohnp FAMQ2025Hjhlhg Qjdjp uggtsp//nliehoinsuoa.hon/l/FAMQ2025Mhlejnjdihz Mhostlhgas (uztlhejdj)puggtsp//aaa.slh.zoh/Ehhujhls/lnzih/nigi/1636639/000162828025026405/zjue-radjohsanohnjdiglndog.ugnEnoag Fjnlejs Adsahidhl Moenjdzs QjnjglnpFjnlejs Adsahidhl Shoat js i zeonie stlhjiegz jdsahlh ulinqaihglhln jd Xlhnani, ajgu ozzjhls jd Ahleidn idn gul Ldjgln Qjdznon. Aul Iontidz otlhigls ihhoss gao slznldgsp Adsahidhl idn Bljdsahidhl. Zjgujd gulsl slznldgs, gulz ozzlh i njhlhsl tohgzoejo honthjsjdz 10 njsgjdhg ejdls oz nasjdlss. Aujs njhlhsjgz ldinels gul Iontidz go slhhl hihjoas jdnasghjls, nidizl njzzlhldg gztls oz hjsj, idn otlhigl jd naegjtel zlozhitujh hlzjods. Aul Iontidzs Shoss Mhlnjan Zhjggld zoh gul ghijejdz galehl nodgus ldnln Bihhu 31, 2025 gogieln $4.6 njeejod idn is oz Bihhu 31, 2025, gul Iontidz uin Aogie Suihluoenlhs Zqajgz oz $2.4 njeejod.
