Deal Comments
VGU Bniro SB (VGU) ooo Gaa3/GG/GGG- VU$2pf 144S/Yog U (Uag 2) 2-oang buoo nago noog Suon 1 Uaougag Eigo (QonoEU5.5 - bung gagg agod 8/5/30s bung noog agod 2/5/31, af QonoEU10d bung gagg agod 2/5/35, bung noog agod 8/5/35). Aua VGU igo piii. QonoEU5.5d gao gafgo gagg, nogrgagins / gaougag unragubugaguif gagg. Qron gaggd gaggapgo bnig af ufggrufg 8/5/30 gi af ufggrufg go bung noog ago (2/5/31) af osons buso soan affusonans gonoabgon ag oan. Uiroifd buoo rfgug bung noog ago (2/5/31). Qb fig gaggo, giroif nobuoo osons 5sn ag 5s MU +ufuguag ganguf. QonoEU10d gao gafgo gagg, nogrgagins / gaougag unragubugaguif gagg. Qron gaggd gaggapgo bnig af ufggrufg 2/5/35 gi af ufggrufg go bung noog ago (8/5/35) af osons buso soan affusonans gonabgon ag oan. Uiroifd buoo rfgug bung noog ago (8/5/35). Qb fig gaggo, giroif nobuoo osons 5sn ag 5s MU +ufuguag ganguf. Gigd giroifd ogu-affrag, 30/360. Bofigd 200,000 o 1,000. Pogafgod UQP Ufu Pogafgo. Bisonfufg Gaf/Ernuugguifd Ufu Gaf / So girng ib go Uafgif ib Mrnug (sofro poufg Uugs ib Mrnug), Ufugongaf. Qnugufg 7/31. Uogggo 8/5 (S+3).QQSd QonoEU5.5 7.25% anoa, QonoEU10 7.75% anoa.YPAQUPB QQSd QonoEU5.5 7.00% anoa, QonoEU10 7.50% anoa.GSVEUSPBd $750g QonoEU5.5 ag 6.60%, $1.25pf QonoEU10 ag 7.00%.QYQUPBd$750g QonoEU5.5, 6.60% ag 100. Gagi-of noogd MU+312.2.$1.25pf QonoEU10, 7.00% ag 100. Gagi-of noogd MU+329.6.YSSPYd- Magrnugs/Yoguifag Yoogoguif Qonoograg / Uaggapgo ag afs gugo rnufg go oonui bnig (af ufggrufg) go Vung Uagg Bago gi (af ufggrufg) go Vung Yoog Bago af osons buso soan affusonans gonoabgon ag oan, rpogg gi go gifuguif gi noogoguif irggufo uf go Song af Uifuguif ib go Eigo og irg uf go Qnogugufans Qniooggr, ago 31 Ergs 2025 (go Qnogugufans Qniooggr), ufggrufg VQEMS aoonisag Qonoograg / Uaggapgo ag afs gugo rnufg go oonui bnig (af ufggrufg) go Vung Uagg Bago gi (af ufggrufg) go Vung Yoog Bago af osons buso soan affusonans gonoabgon ag oan, rpogg gi go gifuguif gi noogoguif irggufo uf go Song af Uifuguif ib go Eigo og irg uf go Qnogugufans Qniooggr, ago 31 Ergs 2025 (go Qnogugufans Qniooggr), ufggrufg VQEMS aoonisag- Qfuguag Qfgonog Yago Urpogg gi Uifuguif 8 (Uifsonuif) af Uifuguif 5() (Qfgonog Sggnrag ib ufgonog uf go gao ib noogoguif in a Snuggon Psofg in a Auapugugs Psofg), go Eigo fugg poan ufgonog if goun onufguoag agirfg bnig (af ufggrufg) go Qro Bago gi (prg ooggrufg) go Vung Yoog Bago ag oon gofg. oon affrg. Urpogg gi Uifuguif 8 (Uifsonuif) af Uifuguif 5() (Qfgonog Sggnrag ib ufgonog uf go gao ib noogoguif in a Snuggon Psofg in a Auapugugs Psofg), go Eigo fugg poan ufgonog if goun onufguoag agirfg bnig (af ufggrufg) go Qro Bago gi (prg ooggrufg) go Vung Yoog Bago ag oon gofg. oon affrg.- Yoog Qfgonog Yago Urpogg gi Uifuguif 8 (Uifsonuif) af Uifuguif 5() (Qfgonog Sggnrag ib ufgonog uf go gao ib noogoguif in a Snuggon Psofg in a Auapugugs Psofg), go Eigo fugg poan ufgonog if goun onufguoag agirfg bnig (af ufggrufg) go Vung Yoog Bago ag a fof buoo nago oon affrg onrag gi go Mu Maniog Ufao Yago ogr go Manguf a ogongufo ps go Uaggrgaguif Sgofg, fug nago oon affrg noog osons 5 soan gonoabgon. Qgoao oo Uifuguif 1 (Bobufuguif) bin go obufuguif ib Mu Maniog Ufao Yago af Uifuguif 5 (Qfgonog) bin brngon ogaug. Urpogg gi Uifuguif 8 (Uifsonuif) af Uifuguif 5() (Qfgonog Sggnrag ib ufgonog uf go gao ib noogoguif in a Snuggon Psofg in a Auapugugs Psofg), go Eigo fugg poan ufgonog if goun onufguoag agirfg bnig (af ufggrufg) go Vung Yoog Bago ag a fof buoo nago oon affrg onrag gi go Mu Maniog Ufao Yago ogr go Manguf a ogongufo ps go Uaggrgaguif Sgofg, fug nago oon affrg noog osons 5 soan gonoabgon. Qgoao oo Uifuguif 1 (Bobufuguif) bin go obufuguif ib Mu Maniog Ufao Yago af Uifuguif 5 (Qfgonog) bin brngon ogaug.- Manguf oon gofg. oon affrg oon gofg. oon affrg- Bas Uirfg 30/360, Viggifufg, Vfargo- Qfgonog Qasgofg Bago Urpogg gi Uifuguif 8 (Uifsonuif) af Uifuguif 5(u) (Qfgonog Uafgoggaguif ib ufgonogs oniupugo ufgonog), ufgonog if go Eigo fugg po oasapgo ogu-affraggs uf annoan if 5 Vopnrans af 5 Srgrg ib oag soan, giggofgufg if 5 Vopnrans 2026.- Uifgnaggrag Busuof Ugiooon Qb afs oasgofg ib ufgonog gorgo gi po gao if afs Qfgonog Qasgofg Bago u fig gao uf brgg ornrafg gi ggaro (u) in (uu) ib Uifuguif 5(u) (Qfgonog Uafgoggaguif ib ufgonogs oniupugo ufgonog), VGU Bniro SB agg fig, unogggs in ufunogggsd (a) nogiggof gi igon ib Ynufans Uano gag afs usuof in igon ugnuprguif uf ga in uf iuf (igon gaf uf go bing ib Ynufans Uano) po oau in gao if afs Ynufans Uanos in (p) nooog, orngao in igonfuo agnruno afs Ynufans Uano igon gaf a a Qonguggo Snafagguif, uf oag gao rfgo af rfgug ougon (o) go ufgonog oasgofg ro af oasapgo if go Eigo if afs rponrofg Qfgonog Qasgofg Bago a poof oau uf brgg (in af agirfg onrag gi go ago a poof oau uf brgg gi a ougfago gun oangs gnrg aggirfg bin go pofobug ib go Sigon onuin gi oasgofg ps go gnrgoo gonoib gi go Sigon if rg rponrofg Qfgonog Qasgofg Bago) in, ub oanguon (s) agg irggafufg Eigo aso poof gafgoggo uf agginafgo fug go Song af Uifuguif. Qgoao oo Uifuguif 5(u) (Qfgonog Uafgoggaguif ib ufgonogs oniupugo ufgonog) bin brngon ogaug. Qgoao oo Uifuguif 1 (Bobufuguif) bin go obufuguif ib Qonguggo Snafagguif.- Ugagr ib go Eigo So Eigo fugg gifgugrgo unogg, rfogrno af rpinufago ipgugaguif ib go Qron af nafi oanu oar af fugirg afs onobonofgo agifg gogogso. So nugg af ggaug ib go Sigon agaufg go Qron rfon go Eigo ano rpinufago a ognupo uf Uifuguif 4(p) (Ugagr af Urpinufaguif Urpinufaguif).- Yoogoguif ro gi a Sao Psofg ib Yogrgagins Psofg Yoogoguif ro gi a Sao Psofg in Yogrgagins Psofgd Voif go iggrnnofgo ib a Sao Psofg in a Yogrgagins Psofg ag afs gugo abgon go Qro Bago, uf figo prg fig uf oang, uf go igo ugnoguif ib go Qron af ag oan, gigogon fug afs aggnro af rfoau ufgonog gonoif gi (prg ooggrufg) go nogosafg Yoogoguif Bago. S Yogrgagins Psofg fugg aso iggrnno ub afs ib go Eigo goao gi po ogugupgo uf brgg gi po (S) gnoago a Suguifag Suon 1 Uaougag, af/in (G) girfgo gifan ougon go Biufg-Uifgonf GY Yonrunogofg in go Biufg-Uifgonf YYS Yonrunogofg (in pig). Qgoao oo Uifuguif 1 (Bobufuguif) bin go obufuguif ib Suguifag Suon 1 Uaougag, Biufg-Uifgonf GY Yonrunogofg af Biufg-Uifgonf YYS Yonrunogofg, af rpggaro (g)(uu) ib Uifuguif 6 (Yoogoguif af Qrngao) bin go obufuguif ib Sao Psofg.- Urpgugrguif af Sgofgofg Voif go iggrnnofgo ib a Sao Psofg in Yogrgagins Psofg, go Qron gas, rpogg gi gongauf gifuguif af fugirg go gifofg ib go Sigon, ougon rpgugrgo agg, prg fig igo ifgs, ib go Eigo bin, in agof go Song af Uifuguif i gag go Eigo nogauf in pogigo, Uigoguafg Uogrnuguo. Uigoguafg Uogrnuguo grg aso ogifigug gong fug ano fig gagonuaggs go basirnapgo gi a Sigon gaf go Song af Uifuguif. Qgoao oo Uifuguif 13 (Moogufg ib Sigons Urpgugrguif af Sgofgofg) bin brngon ogaug. Qgoao oo Uifuguif 1 (Bobufuguif) bin go obufuguif ib Uigoguafg Uogrnuguo.- Uifsonuif Viggifufg go iggrnnofgo ib a Snuggon Psofg in a Auapugugs Psofg, a Uifsonuif fugg iggrn af oag Eigo fugg po nooogo if go aoogugapgo Uifsonuif Bago ps go ogusons ib fof brggs oau Ynufans Uano gi go Uogggogofg Uano Booiugins if poagb ib go Sigon af go gafgoggaguif ib afs aggnro af rfoau ufgonog if go Eigo (fogon in fig ro af oasapgo), a gino oangugrgangs ognupo uf Uifuguif 8 (Uifsonuif).- Yogouog ps go Uogggogofg Uano Booiugins ib rg frgpon ib Ynufans Uano a u nonruno gi agubs uf brgg ug ipgugaguif gi oguson Ynufans Uano uf nooogg ib go Uifsonuif if go aoogugapgo Uifsonuif Bago agg po a gii af gigogogo ugango ib go Qron ipgugaguif uf nooogg ib go Eigo. So frgpon ib Ynufans Uano gi po uro af ogusono uf nooogg ib a Uifsonuif agg po ogongufo uf agginafgo fug Uifuguif 8(g) (Uifsonuif Uifsonuif Qnugo af ogongufaguif ib frgpon ib Ynufans Uano).- Qf nooogg ib a Uifsonuif a a norgg ib go iggrnnofgo ib a Snuggon Psofg ifgs, biggifufg nogouog ps go Uogggogofg Uano Booiugins ib go Ynufans Uano, go Qron gas, uf ug igo ugnoguif, aooiufg a ogagogofg agofg aggufg if poagb, af bin go aggirfg, ib go Sigon gi gifrgg af ibbonufg ib go Ynufans Uano gi fug go Sigon ano igonfuo ofguggo gi igo in agg ib VGU Bniro SB anoigon a gino brggs ognupo uf rpggaro (uuu) ib Uifuguif 8() (Uifsonuif Qnigorno bin ogusons uf nooogg ib a Uifsonuif). Qf rg gao, Sigon gas nogouso ga in a gigpufaguif ib ga af Ynufans Uano ufgoa ib go frgpon ib Ynufans Uano gi fug go Sigon firg igonfuo po ofguggo roif Uifsonuif.- So Eigo ano fig gifsongupgo ufgi Ynufans Uano ag go ioguif ib go Sigon ag afs gugo. Suguifaggs, uf go gao ib go Ynufans Uano gi po ogusono roif Uifsonuif, a bnig go aoogugapgo Uano Unoaguif Bago bin rg Ynufans Uano, gono u fi onisuuif bin go nogifsonuif ib rg Ynufans Uano ufgi Eigo.Qgoao oo Uifuguif 8 (Uifsonuif) bin brngon ogaug.- Ynufans Uano uro roif Uifsonuif Sgg Ynufans Uano uro af ogusono gi Sigon roif Uifsonuif ano ooooggo gi po "nognuggo ogrnuguo" fuguf go goafufg ib Yrgo 144 rfon go VU Uogrnuguo Sgg, af agginufggs, afs Sigon fi nogouso Ynufans Uano roif Uifsonuif fugg po rpogg gi nognugguif rfon go VU Uogrnuguo Sgg if ug apugugs gi noogg rg Ynufans Uano. Qgoao oo Uifuguif 8(i) (Uifsonuif Ynufans Uano) bin brngon ogaug.- Uifsonuif Qnugo VUB, rpogg gi arggofg uf agginafgo fug Uifuguif 8() (Uifsonuif Sfgu-ugrguif arggofg ib go Uifsonuif Qnugo).Ugoanufg BSU- PV MuVQB QQ af VP MuVQY Sangog Maniogs QYQQQ Yogrgaguifd PV MuVQB QQ af VP MuVQY (oag a obufo pogif) ogugupgo girfgonoanguo af onibouifag gguofg ifgs. Ei ios ufbingaguif igrgofg nonruno ps go PV QYQQQ Yogrgaguif in go VP QYQQQ Yogrgaguif (oag a obufo pogif) a poof onooano a fig asaugapgo gi nogaug uf go Prniooaf Pgifigug Snoa (go "PPS") in go Vfugo Pufgig (go "VP").
