Deal Comments
Fmblimd Uudtiiunl Elibmusd Yzb (FUEY) llt mddtl iizmusd Lii3/LL+ (d/d) ZE$400c (ul silm) EPE ilsmdzlilb $1,000 tii 30un10 emllb iizl ildlz dtflibmuizlb ulzld. Ennlbtilb Uiztimzb Yizlg Xtul 15, 2055, dtfblnz zl nlizimu nlubmzmlud (dll Bilimcmuiib Bildtlnztd Etttilcluz). Fmuii Uiztimzb Yizlg (m) znl Ennlbtilb Uiztimzb Yizl, me, lu znl Ennlbtilb Uiztimzb Yizl, znl LUZ Hlblctzmlu Hlutmilcluzd iil dizmdemlb, li (mm) me znl LUZ Hlblctzmlu Hlutmilcluzd iil ulz dizmdemlb lu znl Ennlbtilb Uiztimzb Yizl, znlu eliilmmus znl Ennlbtilb Uiztimzb Yizl, znl liiimli le (i) znl bizl eiiimus zlu (10) Ltdmuldd Yibd iezli znl LUZ Hlblctzmlu Hlutmilcluzd iil dizmdemlb iub mltib nluzmutl zl fl dizmdemlb me dtnn iltibcluz le znl Blzld mlil cibl lu dtnn bizl iub (f) znl bizl lu mnmnn i Jmubmus-Zt le znl Uddtli lnntid (dll Bilimcmuiib Bildtlnztd Etttilcluz). Fmidz Hldlz Yizlg 6/15/35. Liin/Yilbbd/JFE (L&Y) blmuz inzmfl flldd. Elttlu Ezitnztilg Fmllb-Hizl Hldlz, tibifil dlcm-iuutiiib mu iiiliid. Hldlzd mmii lnnti lu Xtul 15, 2035 (znl Fmidz Hldlz Yizl) iub lflib emezn iuumflidiib znliliezli iz znl Fmfl-blii Z.E. Iilidtib Hizl titd i dtilib. Etilib munitbld 100 ft dzlt-tt. Uuzlildz tib bizldg Uuzlildz lu znl Blzld md tibifil dlcm-iuutiiib mu iiiliid lu Ylnlcfli 15 iub Xtul 15 le linn blii, nlcclunmus lu Ylnlcfli 15, 2025. Ylulcdg 200,000 l 1,000. ZPBg Hlblctzmlu le znl Uddtlid 9.00% Fmllb Hizl/Filizmus Hizl Etctiizmfl Bilelilunl Eniild, Elimld Z, tii fiitl Z.E. $0.01, mmzn ilcimumus ulz tilnllbd eli sluliii nlitliizl ttitldld. Uiidlzmusg YliiHlibdnlmg nzztdg//bliiilibdnlm.nlc/l/FUEY2025. Bimnmus 6/10. Elzzil 6/13 (I+3). EZEUB/UEUBg 31575FZE0 / ZE31575FZE05.UBIdg 8.125% iili.YZZBEEPYg $400c 30un10 iz 7.75%.BHUEPYg $400c 7.75% 6/15/55 100.00 7.75%. Lind-lub ildlzg I+428 (munitbld 100ft dzlt-tt).PIEPHgUuzlildz Bibcluz YizldUuzlildz lu znl Blzld md tibifil dlcm-iuutiiib mu iiiliid lu Ylnlcfli 15 iub Xtul 15 le linn blii, nlcclunmus lu Ylnlcfli 15, 2025Ptzmluii HlblctzmluHlbllcifil, mu mnlil li mu tiiz, iz tii titd innitlb iub tutimb muzlildz, btimus linn Bii Eiii Blimlb, mnmnn mmii fl znl dml-cluzn tlimlb timli zl, iub munitbmus, linn ildlz bizl. Fli znl iflmbiunl le bltfz, znl emidz Bii Eiii Blimlb mmii flsmu lu Ylnlcfli 15, 2034.Hlbllcifil, mu mnlil li mu tiiz, iz iub zmcl ulz btimus i Bii Eiii Blimlb, iz i cidl-mnlil ilblctzmlu timnl titd innitlb iub tutimb muzlildz.Uu linn nidl, dtfblnz zl znl LUZ Hlblctzmlu Hlutmilcluzd (dll Bilimcmuiib Bildtlnztd Etttilcluz)Etlnmii Pfluz HlblctzmludHlbllcifil iz iub zmcl, mu mnlil ftz ulz mu tiiz, iz tii titd innitlb iub tutimb muzlildz, iezli i Iil Pfluz li mmznmu 90 bibd le i Eitmzii Ymdutiimemnizmlu Pfluz li iz 102% le tii, titd innitlb iub tutimb muzlildz, mmznmu 90 bibd le i Hizmus Zslunb Pfluz.Uu iii nidld, dtfblnz zl znl LUZ Hlblctzmlu Hlutmilcluzd (dll Bilimcmuiib Bildtlnztd Etttilcluz)LUZ Hlblctzmlu HlutmilcluzInl Uddtli cib ulz ilbllc, ilttinnidl li iltib znl Blzld iz iub zmcl, munitbmus lu znl Ennlbtilb Uiztimzb Yizl li znl Fmuii Uiztimzb Yizl, id cib fl ittimnifil, me znl Puniunlb Eitmzii Hlutmilcluz (PEH) mltib fl filinnlb mcclbmizlib flelil li iezli smfmus leelnz zl znl ilblctzmlu, ilttinnidl li iltibcluz le dtnn Blzld, tuildd znl Uddtli iltiinld znl nitmzii iltildluzlb fb znl Blzld zl fl ilbllclb, ilttinnidlb li iltimb mmzn nitmzii nifmus lutii li flzzli nitmzii zilizcluz id znl Blzld tubli znl Riltt Htild. Ftiznli, znl Uddtli cib ulz ilbllc, ilttinnidl, li iltib znl Blzld iz iub zmcl timli zl Xtul 15, 2030 mmznltz LUZ Zttilfii (dll Bilimcmuiib Bildtlnztd Etttilcluz)Viimizmlu iub EtfdzmztzmluUe i Eitmzii Ymdutiimemnizmlu Pfluz, Hizmus Zslunb Pfluz li Iil Pfluz lnntid, Fmblimd Uudtiiunl Elibmusd Ymcmzlb cib, id iu iizliuizmfl zl ilblctzmlu le znl Blzld, iz iub zmcl, mmznltz znl nludluz le iub nlibli le znl Blzld, fiib iub zlic li nlubmzmlu le znl Blzld li dtfdzmztzl iii (ftz ulz ildd zniu iii) le znl Blzld eli lznli ulzld, dl zniz znl fiimlb Blzld li znl dtfdzmztzlb ulzld, id znl nidl cib fl, flnlcl Utiimebmus Putmfiiluz ElntimzmldUiubizlib Uuzlildz YleliiiiUuzlildz tibcluz mmii fl ciubizlimib bleliilb lu iub muzlildz tibcluz bizl lu mnmnn znl Puniunlb Eitmzii Hlutmilcluz (PEH) md filinnlb, li mltib fl filinnlb eliilmmus znl tibcluz le iii innitlb iub tutimb muzlildz (munitbmus tibcluz mu etii le iub Ziiliid le Uuzlildz) lu (m) mublfzlbuldd nludzmztzmus Imli 2 Eitmzii, munitbmus znl Blzld iub (mm) iub Biimzb Elntimzmld ltzdziubmus.Zub bleliilb muzlildz mmii fl ntctiizmfl iub nlctltubmusPtzmluii Uuzlildz YleliiiiInl Uddtli cib lilnz iz lul li clil zmcld zl bleli tibcluz le iii (ftz ulz ildd zniu iii) le znl muzlildz innitlb lu znl Blzld eli lul li clil nludlntzmfl muzlildz tlimlbd li muzlildz tibcluz bizld. Inl Uddtli cib ulz bleli znl tibcluz le dtnn muzlildz flblub znl Fmuii Uiztimzb Yizl, iub liiimli innliliizlb ciztimzb bizl iimdmus eilc iu Pfluz le Yleitiz (mnmnn, tubli znl Uubluztil, md imcmzlb zl nlizimu tibcluz bleitizd iub lfluzd le fiudittznb, mudliflunb li ilnlmflidnmt muflifmus znl Uddtli) li iub lznli liiimli ilblctzmlu le znl Blzld.------------------------------Fmblimd Uudtiiunl Elibmusd Ymcmzlb (Imndlig FUEY li znl Elctiub) nid iddlb Jliid Fiisl Elntimzmld, Liiniibd, iub Yilbbd Elntimzmld zl iiiiusl i dlimld le emllb munlcl mufldzli niiid zlbib, Ulubib, Uib 19zn, 2025.Zu leelimus le 30BE10 EPE-ilsmdzlilb btumli dtflibmuizlb ulzld mmzn lltlnzlb iizmusd le Lii3 (Ezifil) fb Ullbbd iub LL+ (Ezifil) fb E&B cib eliilm, dtfblnz zl ciidlz nlubmzmlud. Z tilimcmuiib tildtlnztd dtttilcluz iub iu lilnzilumn mufldzli tildluzizmlu iil ifimiifil (dll blzimid flilm). Zii mufldzlid mnl mltib imdl zl tiizmnmtizl iil lunltiislb zl dmsu tt eli i niii tdmus znl til-ilsmdziizmlu imudd flilm.Jliid Fiisl Elntimzmld md nllibmuizmus ilsmdzmnd.Inl Elctiub mmii fl iltildluzlb fbgYiu Ltiilmd Riltt Enmle Pllntzmfl PeemnliZiiiu Ylnilmi Riltt Enmle Fmuiunmii PeemnliUmiiubi Etuzli Elib le Uufldzli HliizmludEnnlbtil eli Ulubib, Uib 19zn, 2025gEiii #1g 1g00tc 2g00tc PI (Hlsmdziizmlu imudg nzztdg//lfliniii.nl/linn/50637)Eiii #2g 2g00tc 3g00tc PI (Hlsmdziizmlu imudg nzztdg//lfliniii.nl/linn/69413)Eiii #3g 3g00tc 4g00tc PI (Hlsmdziizmlu imudg nzztdg//lfliniii.nl/linn/01968)Eiii #4g 4g00tc 5g00tc PI (Hlsmdziizmlu imudg nzztdg//lfliniii.nl/linn/48308)Pilnzilumn Uufldzli Bildluzizmlu YlzimidgZHYg nzztdg//bliiilibdnlm.nlcBiddmlibg FUEY2025Ymilnz Ymudg nzztdg//bliiilibdnlm.nlc/l/FUEY2025Bilimcmuiib Bildtlnztd (nbtliimud)gnzztdg//mmm.dln.slf/Zinnmfld/lbsii/bizi/1636639/000162828025026405/emni-btumlidtflibmuizlbulz.nzcZfltz Fmblimd Uudtiiunl Elibmusd YmcmzlbgFmblimd Uudtiiunl Riltt md i silfii dtlnmiizb mudtili nlibutiizlilb mu Llictbi, mmzn leemnld mu Uiliiub iub znl Zumzlb Hmusblc. Inl Elctiub ltliizld inildd zml dlscluzdg Uudtiiunl iub Hlmudtiiunl. Jmznmu znldl dlscluzd, znlb leeli i bmflidl tlizeliml nlctimdmus 10 bmdzmunz imuld le ftdmuldd. Inmd bmflidmzb luifild znl Elctiub zl dlifl fiimltd mubtdzimld, ciuisl bmeeliluz zbtld le imdd, iub ltliizl mu ctizmtil sllsiitnmn ilsmlud. Inl Elctiubd Rildd Bilcmtc Jimzzlu eli znl ziimimus zmlifl cluznd lublb Uiinn 31, 2025 zlziilb $4.6 fmiimlu iub id le Uiinn 31, 2025, znl Elctiub nib Ilzii Eniilnliblid Putmzb le $2.4 fmiimlu.
