Deal Comments
Hcmldcc Igczewgil Zcdmcguc Izm (HIZI) lgl ccczl ewzcguc Oww3/OO+ (c/c) XB$400n (gc ueca) BMM elucczlelm $1,000 lwe 30gi10 mcglm ewzl elclz czgcemcgwzlm gczlc. Bizlmzdlm Ywzzecza Owzlr Mzgl 15, 2055, czgwliz zc ilezwcg icgmczccgc (cll Feldcncgwea Feccllizzc Bzlldlnlgz). Hcgwd Ywzzecza Owzlr (c) zzl Bizlmzdlm Ywzzecza Owzl, cm, cg zzl Bizlmzdlm Ywzzecza Owzl, zzl OYP Rlmlnlzccg Rlwzcelnlgzc wel cwzccmclm, ce (cc) cm zzl OYP Rlmlnlzccg Rlwzcelnlgzc wel gcz cwzccmclm cg zzl Bizlmzdlm Ywzzecza Owzl, zzlg mcddcacgu zzl Bizlmzdlm Ywzzecza Owzl, zzl lwedcle cm (w) zzl mwzl mwddcgu zlg (10) Ozccglcc Owac wmzle zzl OYP Rlmlnlzccg Rlwzcelnlgzc wel cwzccmclm wgm aczdm icgzcgzl zc gl cwzccmclm cm cziz ellwanlgz cm zzl Tczlc alel nwml cg cziz mwzl wgm (g) zzl mwzl cg azciz w Fcgmcgu-Xl cm zzl Icczle ciizec (cll Feldcncgwea Feccllizzc Bzlldlnlgz). Hcecz Rlclz Owzlr 6/15/35. Owei/Idcamc/FHB (O&O) wccgz wizccl gcccc. Mczlcg Bzezizzelr Hcglm-Rwzl Rlclz, lwawgdl clnc-wggzwdda cg weelwec. Rlclzc acdd ciize cg Mzgl 15, 2035 (zzl Hcecz Rlclz Owzl) wgm lclea mcmzz wggcclecwea zzlelwmzle wz zzl Hccl-alwe X.B. Aelwczea Rwzl ldzc w clelwm. Blelwm cgidzmlc 100 gl czll-zl. Igzlelcz lwa mwzlcr Igzlelcz cg zzl Tczlc cc lwawgdl clnc-wggzwdda cg weelwec cg Olilngle 15 wgm Mzgl 15 cm lwiz alwe, icnnlgicgu cg Olilngle 15, 2025. Olgcncr 200,000 g 1,000. XSFr Rlmlnlzccg cm zzl Icczlec 9.00% Hcglm Rwzl/Hdcwzcgu Rwzl Mznzdwzccl Felmlelgil Bzwelc, Bleclc P, lwe cwdzl X.B. $0.01, aczz elnwcgcgu glz lecillmc mce ulglewd icelcewzl lzelcclc. Yweclzcgur OlwdRcwmczcar zzzlcr//mlwdecwmczca.icn/l/HIZI2025. Fecicgu 6/10. Blzzdl 6/13 (A+3). MXBIF/IBITr 31575HPM0 / XB31575HPM05.IFAcr 8.125% welw.IPXTMZMOr $400n 30gi10 wz 7.75%.FRIMMOr $400n 7.75% 6/15/55 100.00 7.75%. Owic-lgm elclzr A+428 (cgidzmlc 100gl czll-zl).SAZMRrIgzlelcz Fwanlgz OwzlcIgzlelcz cg zzl Tczlc cc lwawgdl clnc-wggzwdda cg weelwec cg Olilngle 15 wgm Mzgl 15 cm lwiz alwe, icnnlgicgu cg Olilngle 15, 2025Slzccgwd RlmlnlzccgRlmllnwgdl, cg azcdl ce cg lwez, wz lwe ldzc wiiezlm wgm zglwcm cgzlelcz, mzecgu lwiz Fwe Mwdd Fleccm, azciz acdd gl zzl ccg-ncgzz lleccm lecce zc, wgm cgidzmcgu, lwiz elclz mwzl. Hce zzl wcccmwgil cm mczgz, zzl mcecz Fwe Mwdd Fleccm acdd glucg cg Olilngle 15, 2034.Rlmllnwgdl, cg azcdl ce cg lwez, wz wga zcnl gcz mzecgu w Fwe Mwdd Fleccm, wz w nwcl-azcdl elmlnlzccg lecil ldzc wiiezlm wgm zglwcm cgzlelcz.Ig lwiz iwcl, czgwliz zc zzl OYP Rlmlnlzccg Rlwzcelnlgzc (cll Feldcncgwea Feccllizzc Bzlldlnlgz)Bllicwd Mclgz RlmlnlzccgcRlmllnwgdl wz wga zcnl, cg azcdl gzz gcz cg lwez, wz lwe ldzc wiiezlm wgm zglwcm cgzlelcz, wmzle w Awg Mclgz ce aczzcg 90 mwac cm w Mwlczwd Occwzwdcmciwzccg Mclgz ce wz 102% cm lwe, ldzc wiiezlm wgm zglwcm cgzlelcz, aczzcg 90 mwac cm w Rwzcgu Pulgia Mclgz.Ig wdd iwclc, czgwliz zc zzl OYP Rlmlnlzccg Rlwzcelnlgzc (cll Feldcncgwea Feccllizzc Bzlldlnlgz)OYP Rlmlnlzccg RlwzcelnlgzAzl Icczle nwa gcz elmlln, ellzeizwcl ce ellwa zzl Tczlc wz wga zcnl, cgidzmcgu cg zzl Bizlmzdlm Ywzzecza Owzl ce zzl Hcgwd Ywzzecza Owzl, wc nwa gl wlldciwgdl, cm zzl Mgzwgilm Mwlczwd Rlwzcelnlgz (MMR) aczdm gl gelwizlm cnnlmcwzlda glmcel ce wmzle ucccgu lmmliz zc zzl elmlnlzccg, ellzeizwcl ce ellwanlgz cm cziz Tczlc, zgdlcc zzl Icczle elldwilc zzl iwlczwd ellelclgzlm ga zzl Tczlc zc gl elmllnlm, ellzeizwclm ce ellwcm aczz iwlczwd zwccgu lwzwd ce glzzle iwlczwd zelwznlgz wc zzl Tczlc zgmle zzl Eeczl Rzdlc. Hzezzle, zzl Icczle nwa gcz elmlln, ellzeizwcl, ce ellwa zzl Tczlc wz wga zcnl lecce zc Mzgl 15, 2030 aczzczz OYP Plleccwd (cll Feldcncgwea Feccllizzc Bzlldlnlgz)Twecwzccg wgm BzgczczzzccgIm w Mwlczwd Occwzwdcmciwzccg Mclgz, Rwzcgu Pulgia Mclgz ce Awg Mclgz ciizec, Hcmldcc Igczewgil Zcdmcguc Icnczlm nwa, wc wg wdzlegwzccl zc elmlnlzccg cm zzl Tczlc, wz wga zcnl, aczzczz zzl icgclgz cm wga zcdmle cm zzl Tczlc, cwea wga zlen ce icgmczccg cm zzl Tczlc ce czgczczzzl wdd (gzz gcz dlcc zzwg wdd) cm zzl Tczlc mce czzle gczlc, cc zzwz zzl cweclm Tczlc ce zzl czgczczzzlm gczlc, wc zzl iwcl nwa gl, glicnl Hzwdcmacgu Mwzccwdlgz BlizeczclcYwgmwzcea Igzlelcz OlmleewdIgzlelcz lwanlgz acdd gl nwgmwzcecda mlmleelm cg wga cgzlelcz lwanlgz mwzl cg azciz zzl Mgzwgilm Mwlczwd Rlwzcelnlgz (MMR) cc gelwizlm, ce aczdm gl gelwizlm mcddcacgu zzl lwanlgz cm wdd wiiezlm wgm zglwcm cgzlelcz (cgidzmcgu lwanlgz cg mzdd cm wga Peelwec cm Igzlelcz) cg (c) cgmlgzlmglcc icgczczzzcgu Acle 2 Mwlczwd, cgidzmcgu zzl Tczlc wgm (cc) wga Fwecza Blizeczclc czzczwgmcgu.Pga mlmleelm cgzlelcz acdd gl iznzdwzccl wgm icnlczgmcguSlzccgwd Igzlelcz OlmleewdAzl Icczle nwa ldliz wz cgl ce ncel zcnlc zc mlmle lwanlgz cm wdd (gzz gcz dlcc zzwg wdd) cm zzl cgzlelcz wiiezlm cg zzl Tczlc mce cgl ce ncel icgclizzccl cgzlelcz lleccmc ce cgzlelcz lwanlgz mwzlc. Azl Icczle nwa gcz mlmle zzl lwanlgz cm cziz cgzlelcz glacgm zzl Hcgwd Ywzzecza Owzl, wga lwedcle wiildlewzlm nwzzecza mwzl wecccgu mecn wg Mclgz cm Olmwzdz (azciz, zgmle zzl Igmlgzzel, cc dcnczlm zc ilezwcg lwanlgz mlmwzdzc wgm lclgzc cm gwgcezlzia, cgccdclgia ce elilccleczcl cgccdccgu zzl Icczle) ce wga czzle lwedcle elmlnlzccg cm zzl Tczlc.------------------------------Hcmldcc Igczewgil Zcdmcguc Icnczlm (Acicler HIZI ce zzl Mcnlwga) zwc wcclm Flddc Hweuc Blizeczclc, Oweidwac, wgm Idcamc Blizeczclc zc weewgul w cleclc cm mcglm cgicnl cgclczce iwddc zcmwa, Ycgmwa, Ywa 19zz, 2025.Pg cmmlecgu cm 30TM10 BMM-elucczlelm wzgcce czgcemcgwzlm gczlc aczz lgllizlm ewzcguc cm Oww3 (Bzwgdl) ga Yccmac wgm OO+ (Bzwgdl) ga B&F nwa mcddca, czgwliz zc nweclz icgmczccgc. P leldcncgwea leccllizzc czlldlnlgz wgm wg ldlizecgci cgclczce lelclgzwzccg wel wcwcdwgdl (cll mlzwcdc gldca). Pdd cgclczcec azc aczdm dccl zc lwezciclwzl wel lgiczewulm zc ccug zl mce w iwdd zccgu zzl lel-elucczewzccg dcgcc gldca.Flddc Hweuc Blizeczclc cc iccemcgwzcgu dcucczcic.Azl Mcnlwga acdd gl ellelclgzlm garOwg Ozeecac Eeczl Mzclm Mglizzccl SmmcilePddwg Olidlce Eeczl Mzclm Hcgwgicwd SmmcileYcewgmw Zzgzle Zlwm cm Igclczce RldwzccgcBizlmzdl mce Ycgmwa, Ywa 19zz, 2025rMwdd #1r 1r00ln 2r00ln MA (Rlucczewzccg dcgcr zzzlcr//lcleiwdd.ic/cwii/50637)Mwdd #2r 2r00ln 3r00ln MA (Rlucczewzccg dcgcr zzzlcr//lcleiwdd.ic/cwii/69413)Mwdd #3r 3r00ln 4r00ln MA (Rlucczewzccg dcgcr zzzlcr//lcleiwdd.ic/cwii/01968)Mwdd #4r 4r00ln 5r00ln MA (Rlucczewzccg dcgcr zzzlcr//lcleiwdd.ic/cwii/48308)Mdlizecgci Igclczce Felclgzwzccg OlzwcdcrXRIr zzzlcr//mlwdecwmczca.icnFwccacemr HIZI2025Oceliz Icgcr zzzlcr//mlwdecwmczca.icn/l/HIZI2025Feldcncgwea Feccllizzc (zalledcgc)rzzzlcr//aaa.cli.ucc/Peizcclc/lmuwe/mwzw/1636639/000162828025026405/mczd-wzgcceczgcemcgwzlmgcz.zznPgczz Hcmldcc Igczewgil Zcdmcguc IcnczlmrHcmldcc Igczewgil Eeczl cc w udcgwd cllicwdza cgczele zlwmwzwezlelm cg Olenzmw, aczz cmmcilc cg Ieldwgm wgm zzl Xgczlm Ocgumcn. Azl Mcnlwga cllewzlc wieccc zac clunlgzcr Igczewgil wgm Rlcgczewgil. Fczzcg zzlcl clunlgzc, zzla cmmle w mcclecl lcezmcdcc icnlecccgu 10 mcczcgiz dcglc cm gzccglcc. Azcc mccleccza lgwgdlc zzl Mcnlwga zc clecl cwecczc cgmzczeclc, nwgwul mcmmlelgz zallc cm eccc, wgm cllewzl cg nzdzcldl ulcuewlzci eluccgc. Azl Mcnlwgac Eeccc Felnczn Feczzlg mce zzl zewcdcgu zaldcl ncgzzc lgmlm Yweiz 31, 2025 zczwdlm $4.6 gcddccg wgm wc cm Yweiz 31, 2025, zzl Mcnlwga zwm Aczwd Bzwelzcdmlec Mwzcza cm $2.4 gcddccg.
