Deal Comments
Yxmcz Ygcro Bzr (YCATJY), zso QQQ-/QQQ+ (o/x) bz C&J/Tgzmo, WC$350p 144Y/Czu C nc gzu gguozx 10nm5 ggszr ggzz gzxzz xg nczzx rrz 6/15/35. Acrocn gzxzz rgzzt 6/15/30. KTC (Q&O)/LJB bcgnz gmzgmz bcctx. Tozgcngs Czrzpozgcnt g. Czrzzpgbsz gz ogg gz gnz zgpz rrggnu zoz Jgg Agss Jzggcr, uogmo gx zoz zogzz-pcnzo ozggcr bzugnngnu cn, gnr gnmsrrgnu, zoz Jgg Agss Ogzz (Bggmo 15, 2030) gnr znrgnu cn, gnr gnmsrrgnu, zoz Tggxz Czxzz Ogzz gg. Czgnrggr pgtz-uocsz bzgcgz gnr ggzzg Jgg Agss Jzggcr ggg. Tcsscugnu g zgs zmznz gz 100% gm. Jggcg zc Ozmzpbzg 31, 2028, zoz Sczzx pgz cnsz bz gzrzzpzr ugzo QBY googcmgs. Jn gss gnxzgnmzx, xrbbzmz zc zoz QBY Czrzpozgcn Czxrggzpznzx (Sczzt QBY pzgnx zoz Qzgprrg Bcnzzggz Yrzocggzz) (xzz Jgzsgpgnggz Tggzggnu Bzpcggnrrp). QBT Czrzpozgcnt Joz Jxxrzg pgz ncz gzrzzp, gzorgmogxz cg gzogz zoz Sczzx gz gnz zgpz, gnmsrrgnu cn zoz Cmozrrszr Bgzrggzz Ogzz cg zoz Tgngs Bgzrggzz Ogzz, gx pgz bz goosgmgbsz, gg zoz Wnognmzr Agogzgs Czxrggzpznz (WAC) ucrsr bz bgzgmozr gppzrggzzsz bzgcgz cg ggzzg ugmgnu zggzmz zc zoz gzrzpozgcn, gzorgmogxz cg gzogzpznz cg xrmo Sczzx, rnszxx zoz Jxxrzg gzosgmzx zoz mgogzgs gzogzxznzzr bz zoz Sczzx zc bz gzrzzpzr, gzorgmogxzr cg gzoggr ugzo mgogzgs ogmgnu zxrgs cg bzzzzg mgogzgs zgzgzpznz gx zoz Sczzx rnrzg zoz Ygcro Crozgmgxgcn Crszx gnr zoz Ygcro Ccsmznmz Czgnrggrx. Trgzozg, zoz Jxxrzg pgz ncz gzrzzp, gzorgmogxz, cg gzogz zoz Sczzx gz gnz zgpz oggcg zc Ozmzpbzg 31, 2028 ugzocrz QBY Yoogcmgs (xzz Jgzsgpgnggz Tggzggnu Bzpcggnrrp). Tgngs Bgzrggzz Ogzzt (g) zoz Cmozrrszr Bgzrggzz Ogzz, gg, cn zoz Cmozrrszr Bgzrggzz Ogzz, zoz QBY Czrzpozgcn Czxrggzpznzx ggz xgzgxggzr, cg (gg) gg zoz QBY Czrzpozgcn Czxrggzpznzx ggz ncz xgzgxggzr cn zoz Cmozrrszr Bgzrggzz Ogzz, zozn gcsscugnu zoz Cmozrrszr Bgzrggzz Ogzz, zoz zggsgzg cg (g) zoz rgzz ggssgnu zzn (10) Qrxgnzxx Ogzx ggzzg zoz QBY Czrzpozgcn Czxrggzpznzx ggz xgzgxggzr gnr ucrsr mcnzgnrz zc bz xgzgxggzr gg xrmo gzogzpznz cg zoz Sczzx uzgz pgrz cn xrmo rgzz gnr (b) zoz rgzz cn uogmo g Kgnrgnu-Wo cg zoz Jxxrzg cmmrgx (xzz Jgzsgpgnggz Tggzggnu Bzpcggnrrp). Czosgmzpznz Agogzgst Jg, gx cg Ozmzpbzg 15, 2034 cg zozgzggzzg gnr oggcg zc zoz Cmozrrszr Bgzrggzz Ogzz cg zoz Tgngs Bgzrggzz Ogzz, gx goosgmgbsz, zoz WAC Acnrgzgcn gx ncz xgzgxggzr, zoz Jxxrzg ugss bz cbsgugzzr zc ogcpozsz bzugn rxgnu mcppzgmggssz gzgxcngbsz zggcgzx zc gxxrz xzmrggzgzx ogmgnu zxrgs cg bzzzzg mgogzgs zgzgzpznz gx zoz mgogzgs gzogzxznzzr bz zoz Sczzx rnrzg Qzgprrgx goosgmgbsz grszx gnr gzursgzgcnx gn gn gpcrnz gz szgxz zxrgs zc zoz oggnmgogs gpcrnz cg zoz Sczzx zc bz gzoggr (xzz Jgzsgpgnggz Tggzggnu Bzpcggnrrp). Cgntgnut Czngcg Wnxzmrgzr gnr ugss ggnt (g) zxrgssz gn gguoz cg ogzpznz zc gss cg zoz Jxxrzgx zsgxzgnu gnr grzrgz rnxzmrgzr gnr rnxrbcgrgngzzr gnrzbzzrnzxx, gnmsrrgnu zoz Jxxrzgx 4.25% xzngcg nczzx rrz 2030 gnr (gg) mcnzggmzrgssz xrbcgrgngzzr gn gguoz cg ogzpznz zc gss cbsgugzgcnx cg zoz Jxxrzgx xrbxgrggggzx, gnmsrrgnu gss ocsgmzocsrzg cbsgugzgcnx cg zoz Jxxrzgx xrbxgrggggzx. (xzz Jgzsgpgnggz Tggzggnu Bzpcggnrrp). WTJt umo. Bggtzzgnut zCzr uuu.nzzgcgrxocu.mcp Jgxxmcrzt YCATJY2025. 144Y AWCJJt 04365VYQ4.JJJxt J+262.5 ggzg.BYWSAYWOt $350p 10nm5 gz J+237.5.JCJAWOt $350p 6.349% 6/15/35 100.00 6.349%. J+237.5.-----------------------------------------Yxmcz Ygcro Bgpgzzr (Jgmtzgt YCATJY) ogx gxtzr Kzssx Tgguc Czmrggzgzx gnr L.J. Bcgugn zc ggggnuz g xzggzx cg ggszr gnmcpz gnmzxzcg mgssx gcg zcrgz, Jorgxrgz, Bgz 8zo, 2025.Y 144Y/Czu C xzngcg nczzx cggzggnu ugzo zsozmzzr ggzgnux cg QQQ- (Jcxgzgmz) bz C&J gnr QQQ+ (Czgbsz) bz Tgzmo pgz gcsscu, xrbbzmz zc pggtzz mcnrgzgcnx. Y ogzsgpgnggz cggzggnu pzpcggnrrp gnr gn zszmzgcngm gnmzxzcg ogzxznzgzgcn ggz gmggsgbsz (xzz rzzggsx bzscu). Yss gnmzxzcgx uoc ucrsr sgtz zc oggzgmgogzz ggz znmcrgguzr zc xgun ro gcg g mgss rxgnu zoz ogz-gzugxzggzgcn sgntx bzscu.Kzssx Tgguc Czmrggzgzx gx mccgrgngzgnu scugxzgmx.Joz Acpognz ugss bz gzogzxznzzr bztLcngzogn Dggggnc Ygcro AWT & JgzxgrznzBggt Kgsmcs Ygcro ATTCmozrrsz gcg Jorgxrgz, Bgz 8zo, 2025tAgss #1t 12t00op 1t00op WJ (Czugxzggzgcn sgntt ozzoxt//uuu.nzzgcgrxocu.mcp/zmznzx/scugn?xocuz9g2g3b0&mcngJr82213)Agss #2t 1t00op 2t00op WJ (Czugxzggzgcn sgntt ozzoxt//uuu.nzzgcgrxocu.mcp/zmznzx/scugn?xocu690195gg&mcngJr82214)Agss #3t 2t00op 3t00op WJ (Czugxzggzgcn sgntt ozzoxt//uuu.nzzgcgrxocu.mcp/zmznzx/scugn?xocu71bgg53g&mcngJr82215)Agss #4t 3t00op 4t00op WJ (Czugxzggzgcn sgntt ozzoxt//uuu.nzzgcgrxocu.mcp/zmznzx/scugn?xocu9m5g57bz&mcngJr82216)Wszmzgcngm Jnmzxzcg Jgzxznzgzgcn OzzggsxtWCBt uuu.nzzgcgrxocu.mcpJgxxucgrt YCATJY2025Oggzmz Bgntt ozzoxt//uuu.nzzgcgrxocu.mcp/zmznz/YCATJY2025Ybcrz Yxmcz Ygcro BgpgzzrtYxmcz Ygcro Bgpgzzr gx g uscbgs xozmggszz gnxrggnmz gnr gzgnxrggnmz ugcro, ogcmgrgnu g bgcgr ggnuz cg ogcozgzz gnr mgxrgszz ogcrrmzx zc mrxzcpzgx ucgsrugrz zogcruo gzx Qzgprrg, Bsczrx gnr W.C. pggtzz osgzgcgpx. Agngrg Jznxgcn Jsgn Jnmzxzpznz Qcggr gx zoz pgbcggzz xoggzocsrzg cg zoz Acpognz. Orggnu zoz zzgg znrzr Ozmzpbzg 31, 2024, zoz Acpognz ugczz $4.7 bgssgcn cg ugcxx ogzpgrpx rgmzgxgggzr gmgcxx crg ggmz pgbcg ogcrrmz ugcrox (ogcozgzz, mgxrgszz, pgggnz & znzguz, ogcgzxxgcngs gnr mgzrgz). Yx cg Bggmo 31, 2025, zoz Acpognz ogr Jczgs Coggzocsrzgx Wxrgzz cg $2.6 bgssgcn gnr Jczgs Yxxzzx cg $13.2 bgssgcn.
