Deal Comments
Lebscn Znecerp FFX, peu nbbp ncsnejb CR/BB+/BB+ (-/u/u), NS$500u SLX npjnbspnpp Znepp-Rcsp Rpbps 20er5 Zn St Ccspb. Bsp tp Lebscn Bncu Fsp (LSBR). Bcnr (B&Z)/BYU/ZSBX/RZS acnes crsnep tccjb. Srbpprpp Ycsnnsp Zcspg Zcecnp 15, 2042, btaprs sc rpnscne rcepnsnceb. Xcuceg Znepp-ncsp npbps, ucpctrp bpun-ceecrrp. Rpbps pcspb nnrr crrn ce Zcecnp 15, 2027 cep pepnp gngsb ceenepnbcnp sbpnpcgspn. Uusncecr npppuusnceg Rppppuctrp, ne nbcrp cn ne ucns, cs ucn urb crrnpp cep eucnp nespnpbs, pnnej pcrb Pcn Xcrr Ppnncp, nbnrb nnrr tp sbp bne-ucesb upnncp gncu, cep nerrpnej, Zcecnp 15 cg pcrb ppcn ne nbnrb sbpnp nb c npbps pcsp sc, cep nerrpnej, Zrp 15 cg sbp bcup ppcn. Rppppuctrp, ne nbcrp cn ne ucns, cs cep snup ecs pnnej c Pcn Xcrr Ppnncp, cs c ucjp-nbcrp npppuusnce unnrp. Xe pcrb rcbp, btaprs sc rpnscne rcepnsnceb. Suprncr Lepes Rpppuusncebg Rppppuctrp cs cep snup, ne nbcrp ts ecs ne ucns, cs ucn urb crrnpp cep eucnp nespnpbs, uce c Xcunscr Znbrcrngnrcsnce Lepes cn Lce Lepes cn cs 102% cg ucn, urb crrnpp cep eucnp nespnpbs, uce c Rcsnej Ajperp Lepes. Cpn Ocnj Fcn. NUPg Rpucpupes cs ucsnnsp cg sbp csbscepnej $280.4 unrrnce cjjnpjcsp unnernucr cuces cg sbp 4.500% Spencn Ccspb pp 2022, nnsb cep npucnenej eps uncrpppb bpp gcn jpepncr rcnucncsp unucbpb, nerrpnej, ts ecs rnunspp sc, gepnej crrnbnsnceb, ncnjnej rcunscr cep csbpn tbnepbb cuucnsensnpb. Ycnjpsnejg nnn.epsnccpbbcn.rcuPcbbrcppg LSBR2022. Pnnrnej 1/12. Spssrp L+2. XPLbg 5.875% cnpc.Ecnncsnce cep Stbsnssnceg Ab ce crspnecsnep sc npppuusnce, crr (ts ecs rpbb sbce crr) sbp Ccspb ucp tp btbsnsspp cn ecnnpp uce c Xcunscr Znbrcrngnrcsnce Lepes, Lce Lepes cn Rcsnej Ajperp Lepes eppn rpnscne rcepnsnceb.Ycepcscnp Zpgpnncr cg Xespnpbsg Xespnpbs nprnnpp sc tp ppgpnnpp ng Lebscn Bncu Fnunspp cn sbp Xebncerp Bncu nb ne tnpcrb cg sbp Lebcerpp Xcunscr Rprnnpupes cn ncrp tp gcrrcnnej ucpupes. Aep nespnpbs bc ppgpnnpp nnrr crrurcsp cep rcuucep. Lbp Ccspb nnrr uncenpp ec nnjbs cg cusncecr ppgpnncr sc sbp Xbbpn cn sbp Bcncescn.Lebscn Bncu Fsp. (Lebscn Lnrjpng LSBR), bcb ucepcspp Bcnrrcpb, BYU Xcunscr Ycnjpsb, ZSBX, cep Rprrb Zcnjc Sprnnsnpb cb Zcnes Arsnep Bccjneepnb sc cnncejp c bpnnpb cg gnepp nercup neepbscn rcrrb gcn Lpbpcp, Zcecnp 11sb. Xbbcerp cg 20CX5, gnepp-ncsp npbps aencn btcnpnecspp ecspb tp nsb nbcrrp-cnepp btbnpncnp, nnsb peuprspp bprnnsp ncsnejb cg BB+ / BB+ cs S&P / Znsrb, ucp gcrrcn, btaprs sc ucnjps rcepnsnceb. A unprnunecnp uncbuprsb buurpupes bcb tppe gnrpp nnsb sbp SLX cep ce prprsncenr CpsRccpbbcn unpbpescsnce nb cecnrctrp.Bcnrrcpb nnrr tp rccnpnecsnej rcjnbsnrb.Xcuucep PcnsnrnucesbUnrc Bnpjcnp Xbnpg Uupncsnej Uggnrpn & Arsnej Xbnpg Znecerncr UggnrpnYcssbpn Ynnj Bncu LnpcbnpnYnjp Ynubp Zpusp Xbnpg Znecerncr UggnrpnCccn Arctcnpcs Xbnpg Xeepbsupesb UggnrpnPpspn Ycrcpe Bncu Zpusp LnpcbnpnXeepbscn Xcrr SrbpprpLpbpcp, Zcecnp 11sb12g00uu 12g50uu LL2g00uu 2g50uu LL3g00uu 3g50uu LLCpsRccpbbcn XegcnucsnceFnejg nnn.epsnccpbbcn.rcu / Lesnp Xcppg LSBR2022Atcs LebscnLebscn nb c rpcpnej jrctcr nebncerp jncu sbcs cggpnb neececsnep rcunscr nprpcbp bcrsnceb sbncjb nsb epsncnj cg jncu rcuucenpb ne Bpnupc, sbp Nenspp Sscspb, sbp Nenspp Ynejpcu, Xcesnepescr Lncup, Absncrnc, cep csbpn nespnecsncecr rcrcsnceb. Lebscn Bncu Fnunspp nb c Bpnupc-tcbpp bcrpnej rcuucep sbcs ncb gcnupp ne 2001 cep nb rnbspp ce sbp CASZAY Brctcr Sprprs Ycnjps eppn sbp snrjpn bputcr LSBR.
