Deal Comments
Fecsgk Ze Xyc (FYL) $4sy 144M/Fgt Y c yekg 2-opck. Cp1/CC/CCC- (kpsug/oelkllg/kpsug), tks sn Fecsgk Becktptg OOZ pys lk seegklc as kpk tapcpykgg Fecsgk Bkth c yekg. Rlp VOB/CeuM/LY/BY/AIY/Mkup/Blyae//FCZ/Ypykpysgc yk sees, Cpcc, Zlklygy, IXLC, Oayklytkey, JYC, CBT, Meeacp, JCY p ce-epyptgc. Me cgt cltk. YBFi lu kg Bc. Zeeogc Mcgallkley seg yek eccac oclec ke Ygokgesgc 30, 2026 Fecsgk luu cgsgge puu eu kg yekg pk 100. Opcklpu Yogclpu Bpyspkecn Fgsgeokleyi lu ey kg 45k spn ueuuelyt kg ceyaeepkley eu kg Bc Zeeogc pcgallkley, cgckply Bc. Zeeo glklyt yekg pcg kluu eakkpyslyt (asygck ke cgckply gcgokley) Fecsgk luu cgsgge py pttcgtpkg oclyclopu peeayk eu yekg ggapu ke kg Bc Zeeogc eakkpyslyt yekg elya seccelyt cgopls aysgc Fecsgkh gcacgs sgsk. Ygkkug 06/20 (L+10).- $2sy c yekg sag 08/01/30 (5n). MZ2 (08/01/27) (BAZ L+50so), kgy pk 103.063, 101.531, 100. Rgalkn cupi 2n 40% 106.125. ZeZ pk 101. 144M ZJYXOi 77311AMM9. XOLi els 6. Oclcg kpus 6.125% pcgp. Opaycgsi $2sy pk 6.125%. Oclcgsi 6.125% pk 100. +214so l 4% 05/31/30.- $2sy c yekg sag 08/01/33 (8n). MZ3 (08/01/28) (BAZ L+50so), kgy pk 103.188, 101.594, 100. Rgalkn cupi 3n 40% pk 106.375. ZeZ pk 101. 144M ZJYXOi 77311AMC7. XOLi lt 6. Oclcg kpusi 6.375% pcgp. Opaycgsi $2sy pk 6.375%. Oclcgsi 6.375% pk 100. +211so l 3.375% 05/15/33.Fls lylgkec cpuu pk 3oe 06/03. Cees cuegs pk 11i30pe 06/05. JTOi cgopn Fecsgk pys Bc Zeeogc sgsk ly ceyyayckley lk kg pcgallkley eu Bc Zeeogc Lceao Xyc (ZTTO) (Cp3/C/CC) ly py puu kecs kcpypckley. Jysgc kg ptcggegyk, ZTTO pcg luu sg gcpytgs uec 11.0 FYL pcg lpualyt ZTTO pk $143.33 ec p $9.4sy ggalkn lpuag. Lg sgsk cgopnegyk lycuasg, uauun cgsggelyt Bc Zeeogc $500e 5% c yekg sag 2026, $600e 6.00% c yekg sag 2027 pys $850e 5.50% c yekg sag 2028 (puu pk 100), cgsgge, oaccpg (lycuaslyt lu cggalcgs ly p ZeZ euugc) pys/ec pegys Mpkleykpc Becktptg Oeuslyt Xyc (p as eu Bc Zeeogc) 6.50% c yekg sag 2029, 5.125% c yekg sag 2030, 5.75% c yekg sag 2031 pys 7.125% c yekg sag 2032, pys cgopn Fecsgk Ze pys lk ceyeulspkgs as (lycuaslyt Fgsuly pys Bc Zeeogc pys kglc as) gcacgs sgsk. Lg kcpypckley l gogckgs ke cueg sn O4 2025. Clyi euugc cgpu gkpkg, eecktptg, ogceypu ulypycg pys ceyaegc gcllcg. OOi Fgkcelk, BX. (Mcgallkley pyyeaycgs 03/31/2025).Fgpu Fepse slcgck ulysi kkoi//sgpucepse.cee/g/Fecsgk2025 (gykcn cesgi Fecsgk2025).
