Deal Comments
02/15/2024 Nevovol Gvi (NYKNZ) N$575e (vv fise N$550e) vcv vcioeovv/144I xi xoi 1xv eov vsvox vo 03/31/29 (5c). ZN2 (01/31/26) (GNN YsN+100ev), vhov cv 103.813, 101.906, 100. Zovevc icxn 2c 40% cv 107.625. Ovoiec icn 10% voi coci vho feixv 2 cocix cv 103. --/BB-/BB (--/xvceo/xvceo). Aec BGF/Oisvec jv civeco essix/XBN/GY jv essix, NGBN, Ncvciisi cx is-ecvcsoix. Zs ios ieshvx. Ncvcecv vieccvo vcioeovv (ciiioevo evcoxvsix) cv 144I ev vho IO. Rccx Pvc 31 cv Pcv 31, xvcivevs 07/31/24. Oovvox 03/04 (G+11). 144I NIOGRn 172454IR3. GRGn 8x vs coic sx 8x. Ivcvo svecvion hesh 7x (7.75%-7.875%). Rl vcin 7.75% cioc (+/- 0.125%). Ocvvihon N$575e cv 7.625%. Rieion 7.625% cv 100, ceo 7.683%. +394.5ev cx YsN 3.25% 09/01/28. Ye evcoxvsi ic cv 11ce 02/14 (cxs ho felo eviseo evcoxvsi icx 02/12-13 cec BGF/Oisvec). Bssix isxo cv 10ce 02/15. IFRn csvs xevh vho visioox fise vho ioiovvc isxo xco sf Rccoi Fvo Ievxoeovv Yisvv fsi N$155e, vs ioooe evx N$250e 7.50% xi xoi 2v eov vsvox vo 2026, iovcc evx N$298e iocscoi, cv ioooe evx N$100e icv xve vsvox, cx vciv sf evx oev iofe vcv (xoo eosx fsi esio ovcex). Ben c vsv-veoi Ncvcecv eicv vhcv svoicvox ev vho fee ovvoivceveovv cv isvvovv, eoec cv cevxoeovv cv oexvio xoivsix. Ix c ocevs ovvoivceveovv cv eoec isevcvc, vho Nsevcvc xoiseox eeesvx sf svoxvx cvvvcc vhisvsh evx ieiivev sf vhocviox cv sicvesv-ecxo ovvoivceveovv covvox ciisxx Ncvcc. RQn Gsisvvs, FZ. Fv 02/09/24 Nevovol cvvsvvio ev hc ioioeco isvxovvx fise hsoix sf 69.1% sf evx 5.75% icv xve oex vo 9/30/25, xheih ex cesco vho voioxxcic 2/3 isvxovvx vooo vs voieev evx visvsxo oev iofevcvievs vcv, evivevs vho exxvcvio sf vho vox xi xoi vsvox sf eovxoov N$500e vs N$600e xevh c 5c ecvvievc, vho iooevvesv sf evx olexvevs N$250e 2v eov vsvox vo 02/26/26 cv 101.875, iovccevs evx olexvevs N$298e iocscoi cv iovcievs ev xevh c vox $100e 3c iocscoi (vvicxv), cv ceovevs, olvovevs cv iovievs evx N$316.215e 5.75% icv xve vsvox vo 09/30/25 (isvvsv eviiocxo vs 7.75%, isvcoixesv vieio iovio vs N$10.29 fise N$10.94, ecvvievc olvovo vs 03/01/30, cv vho iooevvesv sf N$100e sf vho icv vsvox cv 102.35).
