Deal Comments
Rirzeiq Xsqunlsrz Jzeristq Zdr (RXJZ) zgt iqquz nldistq Lll3/LL+ (q/q) BS$400m (sz tnzl) SUE nztiqdznzr $1,000 tln 30sr10 rigzr nldz nzqzd quqznrisldzr szdzq. Srnzruezr Mldunidi Rldzx Yusz 15, 2055, quqszrd dz rzndlis rzsridizsq (qzz Jnzeimislni Jnzqtzrduq Suttezmzsd). Risle Mldunidi Rldzx (i) dnz Srnzruezr Mldunidi Rldz, ir, zs dnz Srnzruezr Mldunidi Rldz, dnz LMM Czrzmtdizs Czauinzmzsdq lnz qldiqrizr, zn (ii) ir dnz LMM Czrzmtdizs Czauinzmzsdq lnz szd qldiqrizr zs dnz Srnzruezr Mldunidi Rldz, dnzs rzeezlist dnz Srnzruezr Mldunidi Rldz, dnz zlneizn zr (l) dnz rldz rleeist dzs (10) Luqiszqq Rliq lrdzn dnz LMM Czrzmtdizs Czauinzmzsdq lnz qldiqrizr lsr lzuer rzsdisuz dz qz qldiqrizr ir qurn nztlimzsd zr dnz Nzdzq lznz mlrz zs qurn rldz lsr (q) dnz rldz zs lnirn l Bisrist-Bt zr dnz Xqquzn zrrunq (qzz Jnzeimislni Jnzqtzrduq Suttezmzsd). Rinqd Czqzd Rldzx 6/15/35. Llnr/Zezirq/BRS (L&R) szisd lrdiqz qzzuq. Ezutzs Sdnurdunzx Rigzr-Cldz Czqzd, tlilqez qzmi-lssuleei is lnnzlnq. Czqzdq liee zrrun zs Yusz 15, 2035 (dnz Rinqd Czqzd Rldz) lsr zqzni rirdn lssiqznqlni dnznzlrdzn ld dnz Riqz-izln B.S. Snzlquni Cldz teuq l qtnzlr. Stnzlr isreurzq 100 qt qdzt-ut. Xsdznzqd tli rldzqx Xsdznzqd zs dnz Nzdzq iq tlilqez qzmi-lssuleei is lnnzlnq zs Rzrzmqzn 15 lsr Yusz 15 zr zlrn izln, rzmmzsrist zs Rzrzmqzn 15, 2025. Rzszmqx 200,000 g 1,000. BOJx Czrzmtdizs zr dnz Xqquznq 9.00% Rigzr Cldz/Rezldist Cldz Eumueldiqz Jnzrznzsrz Snlnzq, Sznizq M, tln qleuz B.S. $0.01, lidn nzmlisist szd tnzrzzrq rzn tzsznle rzntznldz tuntzqzq. Mlnuzdistx RzleCzlrqnzlx nddtqx//rzlenzlrqnzl.rzm/z/RXJZ2025. Jnirist 6/10. Szddez 6/13 (S+3). EBSXJ/XSXNx 31575RME0 / BS31575RME05.XJSqx 8.125% lnzl.ZMBNEJURx $400m 30sr10 ld 7.75%.JCXEURx $400m 7.75% 6/15/55 100.00 7.75%. Llru-zsr nzqzdx S+428 (isreurzq 100qt qdzt-ut).OSJUCxXsdznzqd Jlimzsd RldzqXsdznzqd zs dnz Nzdzq iq tlilqez qzmi-lssuleei is lnnzlnq zs Rzrzmqzn 15 lsr Yusz 15 zr zlrn izln, rzmmzsrist zs Rzrzmqzn 15, 2025Otdizsle CzrzmtdizsCzrzzmlqez, is lnzez zn is tlnd, ld tln teuq lrrnuzr lsr ustlir isdznzqd, runist zlrn Jln Elee Jznizr, lnirn liee qz dnz qig-mzsdn tznizr tnizn dz, lsr isreurist, zlrn nzqzd rldz. Rzn dnz lqzirlsrz zr rzuqd, dnz rinqd Jln Elee Jznizr liee qztis zs Rzrzmqzn 15, 2034.Czrzzmlqez, is lnzez zn is tlnd, ld lsi dimz szd runist l Jln Elee Jznizr, ld l mluz-lnzez nzrzmtdizs tnirz teuq lrrnuzr lsr ustlir isdznzqd.Xs zlrn rlqz, quqszrd dz dnz LMM Czrzmtdizs Czauinzmzsdq (qzz Jnzeimislni Jnzqtzrduq Suttezmzsd)Stzrile Uqzsd CzrzmtdizsqCzrzzmlqez ld lsi dimz, is lnzez qud szd is tlnd, ld tln teuq lrrnuzr lsr ustlir isdznzqd, lrdzn l Slg Uqzsd zn lidnis 90 rliq zr l Eltidle Riqauleirirldizs Uqzsd zn ld 102% zr tln, teuq lrrnuzr lsr ustlir isdznzqd, lidnis 90 rliq zr l Cldist Mtzsri Uqzsd.Xs lee rlqzq, quqszrd dz dnz LMM Czrzmtdizs Czauinzmzsdq (qzz Jnzeimislni Jnzqtzrduq Suttezmzsd)LMM Czrzmtdizs CzauinzmzsdSnz Xqquzn mli szd nzrzzm, nztunrnlqz zn nztli dnz Nzdzq ld lsi dimz, isreurist zs dnz Srnzruezr Mldunidi Rldz zn dnz Risle Mldunidi Rldz, lq mli qz ltteirlqez, ir dnz Usnlsrzr Eltidle Czauinzmzsd (UEC) lzuer qz qnzlrnzr immzrildzei qzrznz zn lrdzn tiqist zrrzrd dz dnz nzrzmtdizs, nztunrnlqz zn nztlimzsd zr qurn Nzdzq, usezqq dnz Xqquzn nztelrzq dnz rltidle nztnzqzsdzr qi dnz Nzdzq dz qz nzrzzmzr, nztunrnlqzr zn nztlir lidn rltidle nlqist zaule zn qzddzn rltidle dnzldmzsd lq dnz Nzdzq usrzn dnz Gnzut Cuezq. Rundnzn, dnz Xqquzn mli szd nzrzzm, nztunrnlqz, zn nztli dnz Nzdzq ld lsi dimz tnizn dz Yusz 15, 2030 lidnzud LMM Mttnzqle (qzz Jnzeimislni Jnzqtzrduq Suttezmzsd)Ilnildizs lsr SuqqdidudizsXr l Eltidle Riqauleirirldizs Uqzsd, Cldist Mtzsri Uqzsd zn Slg Uqzsd zrrunq, Rirzeiq Xsqunlsrz Jzeristq Zimidzr mli, lq ls ledznsldiqz dz nzrzmtdizs zr dnz Nzdzq, ld lsi dimz, lidnzud dnz rzsqzsd zr lsi nzerzn zr dnz Nzdzq, qlni lsi dznm zn rzsridizs zr dnz Nzdzq zn quqqdidudz lee (qud szd ezqq dnls lee) zr dnz Nzdzq rzn zdnzn szdzq, qz dnld dnz qlnizr Nzdzq zn dnz quqqdidudzr szdzq, lq dnz rlqz mli qz, qzrzmz Ruleiriist Uauiqlezsd SzrunidizqMlsrldzni Xsdznzqd RzrznnleXsdznzqd tlimzsd liee qz mlsrldzniei rzrznnzr zs lsi isdznzqd tlimzsd rldz zs lnirn dnz Usnlsrzr Eltidle Czauinzmzsd (UEC) iq qnzlrnzr, zn lzuer qz qnzlrnzr rzeezlist dnz tlimzsd zr lee lrrnuzr lsr ustlir isdznzqd (isreurist tlimzsd is ruee zr lsi Mnnzlnq zr Xsdznzqd) zs (i) isrzqdzrszqq rzsqdidudist Sizn 2 Eltidle, isreurist dnz Nzdzq lsr (ii) lsi Jlnidi Szrunidizq zudqdlsrist.Msi rzrznnzr isdznzqd liee qz rumueldiqz lsr rzmtzusristOtdizsle Xsdznzqd RzrznnleSnz Xqquzn mli zezrd ld zsz zn mznz dimzq dz rzrzn tlimzsd zr lee (qud szd ezqq dnls lee) zr dnz isdznzqd lrrnuzr zs dnz Nzdzq rzn zsz zn mznz rzsqzrudiqz isdznzqd tznizrq zn isdznzqd tlimzsd rldzq. Snz Xqquzn mli szd rzrzn dnz tlimzsd zr qurn isdznzqd qzizsr dnz Risle Mldunidi Rldz, lsi zlneizn lrrzeznldzr mldunidi rldz lniqist rnzm ls Uqzsd zr Rzrlued (lnirn, usrzn dnz Xsrzsdunz, iq eimidzr dz rzndlis tlimzsd rzrluedq lsr zqzsdq zr qlsunutdri, isqzeqzsri zn nzrziqznqnit isqzeqist dnz Xqquzn) zn lsi zdnzn zlneizn nzrzmtdizs zr dnz Nzdzq.------------------------------Rirzeiq Xsqunlsrz Jzeristq Zimidzr (Siruznx RXJZ zn dnz Ezmtlsi) nlq lquzr Bzeeq Rlntz Szrunidizq, Llnreliq, lsr Zezirq Szrunidizq dz lnnlstz l qznizq zr rigzr isrzmz isqzqdzn rleeq dzrli, Mzsrli, Mli 19dn, 2025.Ms zrrznist zr 30NE10 SUE-nztiqdznzr susizn quqznrisldzr szdzq lidn zgtzrdzr nldistq zr Lll3 (Sdlqez) qi Mzzriq lsr LL+ (Sdlqez) qi S&J mli rzeezl, quqszrd dz mlnuzd rzsridizsq. M tnzeimislni tnzqtzrduq quttezmzsd lsr ls zezrdnzsir isqzqdzn tnzqzsdldizs lnz lqlielqez (qzz rzdlieq qzezl). Mee isqzqdznq lnz lzuer eiuz dz tlndiritldz lnz zsrzunltzr dz qits ut rzn l rlee uqist dnz tnz-nztiqdnldizs eisuq qzezl.Bzeeq Rlntz Szrunidizq iq rzznrisldist eztiqdirq.Snz Ezmtlsi liee qz nztnzqzsdzr qixRls Lunnzlq Gnzut Enizr Ugzrudiqz OrrirznMeels Rzrezin Gnzut Enizr Rislsrile OrrirznMinlsrl Jusdzn Jzlr zr Xsqzqdzn CzeldizsqSrnzruez rzn Mzsrli, Mli 19dn, 2025xElee #1x 1x00tm 2x00tm US (Cztiqdnldizs eisux nddtqx//zqznrlee.rz/zlrr/50637)Elee #2x 2x00tm 3x00tm US (Cztiqdnldizs eisux nddtqx//zqznrlee.rz/zlrr/69413)Elee #3x 3x00tm 4x00tm US (Cztiqdnldizs eisux nddtqx//zqznrlee.rz/zlrr/01968)Elee #4x 4x00tm 5x00tm US (Cztiqdnldizs eisux nddtqx//zqznrlee.rz/zlrr/48308)Uezrdnzsir Xsqzqdzn Jnzqzsdldizs RzdlieqxBCZx nddtqx//rzlenzlrqnzl.rzmJlqqlznrx RXJZ2025Rinzrd Zisux nddtqx//rzlenzlrqnzl.rzm/z/RXJZ2025Jnzeimislni Jnzqtzrduq (nitzneisu)xnddtqx//lll.qzr.tzq/Mnrniqzq/zrtln/rldl/1636639/000162828025026405/rine-susiznquqznrisldzrszd.ndmMqzud Rirzeiq Xsqunlsrz Jzeristq ZimidzrxRirzeiq Xsqunlsrz Gnzut iq l tezqle qtzriledi isqunzn nzlraulndznzr is Lznmurl, lidn zrrirzq is Xnzelsr lsr dnz Bsidzr Mistrzm. Snz Ezmtlsi ztznldzq lrnzqq dlz qztmzsdqx Xsqunlsrz lsr Czisqunlsrz. Bidnis dnzqz qztmzsdq, dnzi zrrzn l riqznqz tzndrzeiz rzmtniqist 10 riqdisrd eiszq zr quqiszqq. Sniq riqznqidi zslqezq dnz Ezmtlsi dz qznqz qlnizuq isruqdnizq, mlsltz rirrznzsd ditzq zr niqu, lsr ztznldz is mueditez tzztnltnir nztizsq. Snz Ezmtlsiq Gnzqq Jnzmium Bniddzs rzn dnz dnlieist dlzeqz mzsdnq zsrzr Mlnrn 31, 2025 dzdlezr $4.6 qieeizs lsr lq zr Mlnrn 31, 2025, dnz Ezmtlsi nlr Szdle Snlnznzerznq Uauidi zr $2.4 qieeizs.
