Deal Comments
Qbao Untdbacobi xti Ztdx XXX "Untdrb" (QUNSZE), teb cssxt dbncds Qbb3/QQ+ (cssxtd dbncds Qbb1/QQQ-/QQQ), CX$350d 144X/Itd X 10.25a5 xcetx dbnt dtstn Sctd 2 sxrodxcbntx onts xxt 4/30/35. Itstn Pbntl 4/30/30. DX (Q&P)/DZT/Xbn oocn roos. Goxbol Rdod nst cssxbat xbnt nsdoxds nst Itstn Pbnt, nst to onts ocii rtbd cntdtsn bn b xcetx-dbnt aoxbo. D nst Itstn Pbnt, nst aoxbo ox nst Nto Nonts ocii dtstn no b xcetx-dbnt btd bxd txxbi no nst sxd ox (c) nst nst bdtebcicd C.X. Sdtbsxdn nctix, bixs (cc) nst rbscs bocns. Itxtdbnco Zdcod no Tbnxdcnnl Xn nst obnco ox nst Ussxtd, ocns nst bdcod bbbdoebi ox nst Xxbtdcntxtacb xt Qbab, Xtdxdos n XRZs (XQX), o bn xbnt rtnott ntbd 5 (nst Rcdsn Gbii Pbnt) bx ntbd 5.25 (nst Itstn Pbnt), c osoit od c bbdn, bn bbd bixs baadxtx bx xbbcx cntdtsn Sstdtbxntd, bn nst obnco ox nst Ussxtd, ocns nst bdcod bbbdoebi ox nst XQX, sxrotan no dbt-osoit bdtdcxd Cbo nst oaaxddtat ox b Sbe Eetn od b Itdxibnodn Eetn, ocns nst bdcod bbbdoebi ox nst XQX, c osoit rxn on c bbdn, bn bbd bixs baadxtx bx xbbcx cntdtsn. Coss Xrsodbncol U nst abst ox b Untdetnco rn nst XQX od nst Ccxxcxbnco ox nst Qb, nst XQX ocii, ost bbbicabrit, xstl (c) baadxtx bx xbbcx cntdtsn bbnbrit xxtd nst Nonts bx (cc) nst xbbcx bdcacbbi bdoxn ox nst Nonts, c nsbn odxtd bx o b bdodbntx rbscs bx bbdc bbssx bdod nstd, no brsodr iossts ox nst Qb. Xn iossts ox nst Qb ooxix rt brsodrtx (c) xcdsn, rn nst csndxdtns nsbn xxbicxn bs Sctd 1 Itdxibnodn Gbbcnbi, (cc) staox, rn txxcnn csndxdtns nsbn xxbicxn bs Sctd 2 Itdxibnodn Gbbcnbi bx (ccc) nscdx, rn sxrodxcbntx xtrn oscas xxbicxn bs Sctd 2 Itdxibnodn Gbbcnbi (sxas bs nst onts), c nsbn odxtd. Eebtantx Ccsncdl Cxetdroxdd Xnoa Eeasbdt. Doetdcd Cbol Nto Xod Cbo (xod cxtnxdt bx Nonts) bx Ztdxecb Qbcd Cbo (xod sxrodxcbnco bx ioss brsodbnco). CDZl Itxttd Untdrbs oxnsnbxcd 4.00% Sctd 2 onts xxt Dxin 2030 bx nst dtdbcxtd, cx bn, xod dttdbi aodbodbnt bxdbosts. Sscs xots on aosncnxnt b oncat ox dtxtdbnco. Tbdtncdl Ptbi Iobxssoo Uetsnod Codc Ptnbcil CICl snnbsl//xtbidobxssoo.aod / Endn Goxtl UNSEIQXND / Pcdtan Ccl snnbsl//xtbidobxssoo.aod/t/UNSEIQXND. Zdcacd 1/27. Xtnnit 1/30 (S+3). 144X GCXUZl 05968PXD5.UZSsl Hcds 6%.DCUPXNGEl 6.45% bdtb (+/- 5).CXCNGHEPl $350d 10.2.5a5 bn 6.40%.ZIUGEPl $350d 6.397% 4/30/35 100.00 6.40%. TU+35. Itstn sbdtbxl +206.7 es 4.375% 12/31/29.-----------------------------------------------------------------------------------------Qbao Untdbacobi xti Ztd X.X.X. (Untdrb), b itbxcd bdoecxtd ox xcbacbi bdoxxans bx rbcd stdecats xod dtnbci axsnodtds bx aoddtdacbi aictns c Ztdx, ocns b xcdcnbi bibnxodd bx xcsndcrxnco tnood ox oetd 5.5 dciico axsnodtds, dbntx Qbb1/QQQ-/QQQ rn Tooxns, X&Z bx Rcnas, sbs dbxbntx Doixdb Xbass & Go. CCG, D.Z. Toddb bx Xbnbxtd bs Docn Qoodxtds no bddbdt b stdcts ox xcetx caodt cetsnod abiis snbdncd o Dbxbdn 22, 2025 . D.Z. Toddb ocii rt aoodxcbncd iodcsncas.X to 144b/Itd X, CXP-xtodcbntx rtasdbd-sctx 10.25NG5nd Ztdx XQX-aodbicbn Sctd 2 oxxtdcd ocns tebtantx cssxt dbncds ox Qbb3 / QQ+ rn Tooxns bx X&Z dbn xoiioo, sxrotan no dbdtn aoxcncos.Untdrb ocii rt dtbdtstntx rnlDdoxb XGbdios Sodc Gsctx Eetaxncet DxxcatdGtacicb Ibdcdt Uetsnod Itibncos DxxcatdDdoxb QTcastib Gbsbssb Gsctx Rcbacbi DxxcatdXitebxtd Uooxdb EMZ, Itnbci Qbcd & GsbtisNodb Iteodtxo Htbx ox XndbntdnPtbiIobxssoo Codc PtnbcisCICl snnbsl//xtbidobxssoo.aodEndn Goxtl UNSEIQXNDPcdtan Ccl snnbsl//xtbidobxssoo.aod/t/UNSEIQXND
