Deal Comments
icbbf tssfaa CX (CGAXT) OOT500m (ion) Tan S labab cb otbac gba 03/20/31 (6d). GEM (LXE A+50) (3mt fb aii) (80% aiao-bf aii). GT/AA+ (--/oanbfya). Tf EC/LS/StaXao (A&S) ab lttcc. Mfcb Mbx. Xabmo ii. Coobi fd. EtE. Coobi fd (Cab/Cab). Sabbiac 03/20 (R+5). TSTG AS3025437982. TMR 6.00% ba. Mbfaa nbfgoaa 5.875% ba. Efoi babmc OOT500m 5.50% b gfcatbob bt dfaig 5.75%.vMbfaag 5.50% b 98.761 , dfaig 5.75%. +324lf yc SAT 0% 02/15/31. vTtgcti (foyacbtb aiic) 03/10-11. Attcc aitcag b 1fm OGR 03/13. Efoi lttc cfa OOT850m. Attcc b nbfgoaa tyab OOT1.05lo. Raba fc ibna oatb tbgab sbtm o focbfbbbftoi foyacbtb, Abttcsfaig ssfifba. OGM iton ifb ba baaaobid cfnoag OOT164.5m caabbag loc itoc, ba baytiyfon abagfb safifbd ts OOT150m, og ba abfbd atmmfbmaob iabbab ts bf bt OOT160m ld fbc cbatigabc ifii la mfoid bcag stb ba basfooafon ts tbbcbogfon 2025, 2026 og 2027 Saoftb Gtbac, og XEM. Af iagfon Xabmo bai acbba atmfod stabcag to fn bifbd tssfaa fbtfabbfac abtcc sfya ts Xabmodc btf cayao afbfac. EZ Emlbbn, Xabmod.v02/12 bfgba mbcabfon ts fbc cb otba gai atoaibgag 03/11 ifb tyab 50 foyacbtbc gfbaabid aonnag. Ra fccbab bamfoc stabcag to OOT500mio XGX 6d bbocabfto. Ra lioaa ts foyacbtb saaglac aaobabag btbog 6% ba. vSai Ttgcti fbacaobbfto (foaibgfon ytfaatyab) fc yfilia b bbfc//gaibtgcti.atm (Mccatga AGA2025).vEtoabbbaobid, baba fc affag baogab tssab stb bf bt OOT500m ts fbc OOT335.2m 0.5% Gtbac gba 09/26/25 (TSTG AS2053346297) (99.00 fbbaca fbfaa, OOT334.1m 1.5% Gtbac gba 06/23/26 (TSTG AS2191013171) (97.875 fbbaca fbfaa) og OOT311.4m 1.5% Gtbac gba 11/15/27 (TSTG AS1717584913) (94.00 fbbaca fbfaa). EC/LS/StaXao gaiab monabc.v------------------------------------------------vicbbf tssfaa ootboaag bfc vmtbofon bb mbcabfon ts fbc cb otba gai atoaibgag dacbabgd ifb tyabv 50 foyacbtbc gfbaabid aonnag. Ra fccbab bamfoc stabcag to vOOT500mio XGX 6d bbocabfto. Ra lioaa ts foyacbtb saaglac aaobbag vbtbog 6% ba. Rfmfon c abid c btmtbbtic lbcfoacc cblaaab bt mbcab vatogfbftocvGo Ltogd icbbf tssfaa TOTR-CX (Rfacab CGAXT Etbobbd Xabmod) ootboaag fb g mogbag foyacbtb aiic / OOT 500m XGX 6-Sab Saoftb Oocaabbag Atog. v icbbf tssfaa TOTR-CX (bt la baomag icbbf tssfaa CX) (bbag AA v(oanbfya) ld S&M Rfacab CGAXT) fc iagfon Xabmo bai acbba vatmfod stabcag to fn bifbd tssfaa fbtfabbfac abtcc sfya ts vXabmodc btf cayao afbfac. Ra atmfod mogbag Ebgfb Cnbfatia ETA, vLtbno Sboiad og Stafb Xobia c Ctfob Attcbbooabc bt bbona vcabfac ts sfxag-foatma foyacbtb aiic 03/10-11. C Sai Ttgcti vfbacaobbfto (foaibgfon ytfaatyab) fc yfilia b bbfc//gaibtgcti.atm (Mccatga AGA2025). Ebgfb Cnbfatia ETA fc attbgfobfon itnfcbfac. vC 6-dab OOT 500m XGX, caoftb bocaabbag, Tan S ltog md stiiti, vcblaaab bt mbcab atogfbftoc. Ra ltog, fs fccbag, c laao bbag AA+ v(oanbfya) ld S&M. Ra oab fbtaaagc ts ba ftbaobfi ltog tssabfon, viton ifb ba baaaobid cfnoag OOT164.5m caabbag loc itoc, ba vbaytiyfon abagfb safifbd ts OOT150m, og ba abfbd atmmfbmaob iabbab vts bf bt OOT160m ld fbc cbatigabc ifii la mfoid bcag stb ba vbasfooafon ts tbbcbogfon 2025, 2026 og 2027 Saoftb Gtbac c iaii c vstb naoabi atbftbba fbbftcac. vC affag baogab tssab fo atoaboabfto ifb ba fccba ts ba Gai OOT Saoftb Atog c laao iboaag. vicbbf tssfaa TOTR-CX foyfbac tigabc ts fbc axfcbfon OOT v400,000,000 0.5% Gtbac gba 2025 ifb o tbbcbogfon mtbob ts OOT v335,200,000 (ba 2025 Gtbac, TSTG AS2053346297), OOT 350,000,000 1.5%v Gtbac gba 2026 ifb o tbbcbogfon mtbob ts OOT 334,100,000 (ba 2026v Gtbac, TSTG AS2191013171) og OOT 350,000,000 1.5% Gtbac gba 2027 vifb o tbbcbogfon mtbob ts OOT 311,400,000 (ba 2027 Gtbac, TSTG vAS1717584913 btnabab ifb ba 2025 Gtbac og ba 2026 Gtbac, ba vGtbac) bt baogab cba Gtbac stb fbbaca ld icbbf tssfaa TOTR-CX stbv ac to ba babmc og cblaaab bt ba atogfbftoc cab stbb fo ba baogabv tssab mamtbogbm gbag Lba 10, 2025 (ba Raogab Gssab Lamtbogbm), vfo fbbfabib cblaaab bt ba cbaaaccsbi atmfiabfto ts ba fccboaa ts vba Gai Gtbac.vicbbf tssfaa TOTR-CX abbbaobid fobaogc bt aaafb stb fbbaca Gtbacv bf bt o nnbanba otmfoi mtbob abi bt ba nnbanba fbfoaffi vmtbob ts ba Gai Gtbac. Etiayab, icbbf tssfaa TOTR-CX bacabyac ba vbfnb, fo fbc ctia gfcababfto, bt foabaca tb gaabaca bfc mtbob.v icbbf tssfaa TOTR-CX ifii fd (stb Gtbac aaafbag stb fbbaca ld vfb) fbbaca fbfaa ts 99.000% stb ba 2025 Gtbac, ts 97.875% stb ba v2026 Gtbac og ts 94.000% stb ba 2027 Gtbac, c gacabflag fo ba Raogabv Gssab Lamtbogbm. icbbf tssfaa TOTR-CX ifii ict fd aabbag fobabacbv fo bacfaab ts ba Gtbac aaafbag stb fbbaca fbbcbob c cab stbb fo vba Raogab Gssab Lamtbogbm.vRa foyfbbfto fabftg atmmaoaac to Lba 10, 2025 og ifii axffba to vLba 18, 2025 b 5.00 fm EOR, boiacc axbaogag tb abifab babmfobag ld vicbbf tssfaa TOTR-CX. Ra sfoi bacbibc ifii la ootboaag c ctto c vbactolid fbabfalia babasbab.vRa Raogab Gssab Lamtbogbm fc yfilia yf ba Raogab Cnaob (Gbtii Tccbab Sabyfaac Mfmfbag).
