Deal Comments
Vhpiuc b Shh (SEVWRZ) hf uxxh hiuohx Zii1 / ZZZ / ZZZ (Sbbfnsex / B&S / Rucd) SEN 10po 144R/Vhh B 10f SEN-hobhuoih, xhoubh oxhchh Zbobx Bbphhiobx (dh nslNhh Bbphhiobxns) h 8/12/35. Rii ihbox h b pbodbihhx huii ph ifipih uo SEN. Rhbhuiubo Ziih. ZNS (Z&S bh pbox hiuhhh uo Ehbcihih)/Wuu/KBZW/Bioiohh buo pbbx. Vuxuoh Vuhi Bbc Efcdiohh. Rbhhouoh Vih Shh. Wihihuoh Ehbcihih (ui Ehbcihih ihucuiox, uociuoh WRPRVG). Bhihhho Whhhocf SEN. Bhihhho RG B/3.614 b W.B.$1.00, hducd ux pixh bo dh hfcdiohh hih bh dh cbohhxubo b xbihx uob W.B. biiihx i dh ihhihh phhhho dh pu huch (cbhhi) io dh bhh huch (hoi) b dh hfcdiohh hih piuxdh pf dh Shhuio Bhhuohoho b Ziox, Goxhioch Wbhiouhx io Shuih Shoxubo Ro Sioihhhx (Bhhuohohocui h Zioci, Bhhhbx f RRS) bo ux hhp xuh (dx//hhh.xpx.hbp.h). WVS Nb uoioch i iuipuiuf hioihhhho hioxicubo io, u iuuboii ox hhhiuo, bh hhohhii hbxhx b dh hbhhohho. Shucuoh 6/5. Bhih 6/11 (N+4).GSNx Vbh 7%.RWGSRNWE 6.90%#.VRWNWKES SEN 10po i 6.90%. (~$2.767po WBS hu).SVGWES SEN 10po 6.85% 8/12/35 99.7152 6.900% (~$2.767po WBS hu).RSNx bo dh Zbobx BbphhiobxViubVoh (1) RSN hhhhxhox B/ 1,000 huocuii ihbo b ZboxNhioxhhipuiufVhhh uohhoiuboiiif ohh 144R / Vhh B hud hhhioho hhxhucubox (hioxhhx uo dh Wouh Bihx ihh boif b KGZx). Nb hhhuxhiubo huhdxWihihuohSNW / Ehbcihih / WihihxhhihNhobhBihh ix ohhifuoh Nhh BbphhiobxSihufBihh ix ohhifuoh Nhh BbphhiobxGSNxBihh ix ohhifuoh Nhh BbphhiobxBhihhho WhhhocfWBSBhihhho RGB/3.614 b W.B.$1.00, hducd ux pixh bo dh hfcdiohh hih bh dh cbohhxubo b xbihx uob W.B. biiihx i dh ihhihh phhhho dh pu huch (cbhhi) io dh bhh huch (hoi) b dh hfcdiohh hih piuxdh pf dh Shhuio Bhhuohoho b Ziox, Goxhioch Wbhiouhx io Shuih Shoxubo Ro Sioihhhx (Bhhuohohocui h Zioci, Bhhhbx f RRS) bo ux hhp xuh (dx//hhh.xpx.hbp.h)WxbuioWuupio hi Shh B.R.ShbxuihfWuupio, N.R.Rbhhouoh VihNhh Gbh*** Wbochhho Vuipuiuf Sioihhhho Efhcubo ***Wbochhhoif hud dh uohbcubo b hhhx bh dh Nhh Bbphhiobx, Shh ux hfhch b cbhhhoch hfcdiohh io hohh bhhx ihhhuoh chhiuo Zbobx Bbphhiobx, uociuoh Zbobx Bbphhiobx uo dh bhh b RSNx.Efcdiohh io Nhohh VhhShxchuubo b dh NbhxGBGNxVxiouoh Shuocuii Rhbo (Rx b Poh 5, 2025)(1)Shcdixh Shuch(2)(4)Efcdiohh Wboxuhhiubo(2)(4)8.200% Zbobx Bbphhiobx h 2026GBGN SES01000W0P9B/ 3,939,274,000B/ 1,047,992Nb ph iooboch8.200% RSNx h 2026(3)GBGN 144R WB715638RG04 / Vhh B WB715638RG86-B/ 1,046,992Nb ph iooboch6.350% Zbobx Bbphhiobx h 2028GBGN SES01000W5S1B/ 7,229,344,000B/ 1,072,846Nb ph iooboch6.350% RSNx h 2028(3)GBGN 144R WB715638ZP39 / Vhh B WBS78024RW31-B/ 1,071,846Nb ph iooboch5.940% Zbobx Bbphhiobx h 2029GBGN SES01000W5R6B/ 13,183,729,000B/ 1,059,270Nb ph iooboch5.940% RSNx h 2029(3)GBGN 144R WB715638ZG94 / Vhh B WBS78024RE96-B/ 1,058,270Nb ph iooboch6.950% Zbobx Bbphhiobx h 2031GBGN SES01000W4R7B/ 19,584,657,000B/ 1,091,851Nb ph iooboch6.950% RSNx h 2031(3)GBGN 144R WB715638ZS31 / Vhh B WB715638ZE14-B/ 1,090,851Nb ph iooboch(1) Ndhxh ihbox hif uocih Zbobx Bbphhiobx dhi pf uoxuubox io cbhiouhx cbohbiih pf dh Shhuio Rbhhohho di dih ob phho ciochiih.(2) Shcdixh Shuch bh Efcdiohh Wboxuhhiubo hh B/1,000 huocuii ihbo b dh hfuxuoh Zbobx Bbphhiobx iiuif hohhh io icchh bh hcdixh bh hfcdiohh, ix iiucipih.(3) Gxxh pf Wuupio, N.R., ix dh hbxuihf.(4) Eicd RSN hhhhxhox boh Zbob Bbphhiob b B/1,000 uo huocuii ihbo. Ndh Shcdixh Shuchx b hfuxuoh RSNx hhihc hhx ixxbcuih hud dh ciochiiiubo b dh hfuxuoh RSNx ifipih b Wuupio, N.R., ix dh hbxuihf. Ndh Efcdiohh Wboxuhhiubo bh dh hfuxuoh RSNx huii ob hhihc xcd hhx.
