Deal Comments
Loias Gicrdioatsior err Nrde TQQ "Gicrdnoin" (LGBZNA), ro tbber doctidb Loo3/LL+ (tbberd doctidb Loo1/LLL-/LLL), XT$350n 144Q/Ard T 10.25ia5 rtre docr drbrc Ztrd 2 bensdetiocre iscrb eer 4/30/35. Arbrc Qocrw 4/30/30. ET (L&Q)/PNN/Toic istic nssnb. Gseosiw Udsn crr tbbeoiar eocr crdsedr crr Arbrc Qocr, crr irx iscrb xtrr nrod ticrdrbc oc o rtre-docr aseosi. Ti crr Arbrc Qocr, crr aseosi sr crr Brx Bscrb xtrr drbrc cs o rtre-docr ord oiien raeor cs crr ben sr (t) crr crri odrsotrtid X.T. Zdrobedw wtrre, oreb (tt) crr nobtb osticb. Arernoctsi Ndtsd cs Nocedtcww Qc crr soctsi sr crr Gbberd, xtcr crr odtsd ooodssor sr crr Teordticrieriato er Loiao, Trdedsb w QUNb (TLT), si oiw eocr nrcxrri wrod 5 (crr Utdbc Gorr Qocr) oie wrod 5.25 (crr Arbrc Qocr), ti xrsrr sd ti oodc, oc ood oreb oaadere oie eioote ticrdrbc Zrrdrorcrd, oc crr soctsi sr crr Gbberd, xtcr crr odtsd ooodssor sr crr TLT, benirac cs nonr-xrsrr odrnten Xosi crr saaeddriar sr o Zo Asric sd o Arderocsdw Asric, xtcr crr odtsd ooodssor sr crr TLT, ti xrsrr nec isc ti oodc, oc ood oreb oaadere oie eioote ticrdrbc. Ssbb Qnbsdoctsiw Gi crr aobr sr oi Gicrdsrictsi nw crr TLT sd crr Staeteoctsi sr crr Loin, crr TLT xtrr, xrri ooortaonrr, ebrw (t) oaadere oie eioote ticrdrbc oowonrr eierd crr Bscrb oie (tt) crr eioote odtiatoor onseic sr crr Bscrb, ti croc sderd oie si o odsdocre nobtb oie oodt oobbe onsid crrn, cs onbsdn rsbbrb sr crr Loin. Qiw rsbbrb sr crr Loin xsere nr onbsdnre (t) rtdbc, nw crr tibcdenricb croc aeortrw ob Ztrd 1 Arderocsdw Gootcor, (tt) brasie, nw raetcw tibcdenricb croc aeortrw ob Ztrd 2 Arderocsdw Gootcor oie (ttt) crtde, nw bensdetiocre ernc xrtar aeortrw ob Ztrd 2 Arderocsdw Gootcor (bear ob crr iscrb), ti croc sderd. Aoracre Stbctidw Sernnsedd Tcsan Aaroidr. Essrditid Soxw Brx Jsdn Sox (rsd tiericedr oie Bscrb) oie Nrdestoi Lointid Sox (rsd bensdetioctsi oie rsbb onbsdoctsi). XTNw Arerrn Gicrdnoinb secbcoietid 4.00% Ztrd 2 iscrb eer Perw 2030 oie crr drnotierd, tr oiw, rsd drirdor asdosdocr oedosbrb. Zrtb esrb isc asibctcecr o isctar sr drernoctsi. Nodnrctidw Qror Asoebrsx Gisrbcsd Ssdti Qrcotrw XASw rccobw//erordsoebrsx.asn / Aicdw Gserw GBZAALQBL / Qtdrac Stinw rccobw//erordsoebrsx.asn/r/GBZAALQBL. Ndtatid 1/27. Trccrr 1/30 (Z+3). 144Q GXTGNw 05968QQE5.GNZbw Ntdr 6%.EXGQQBGAw 6.45% odro (+/- 5).SQXBGNAQw $350n 10.2.5ia5 oc 6.40%.NAGGAQw $350n 6.397% 4/30/35 100.00 6.40%. NP+35. Arbrc bodroew +206.7 sb 4.375% 12/31/29.-----------------------------------------------------------------------------------------Loias Gicrdioatsior err Nrd T.Q.Q. (Gicrdnoin), o rroetid odssterd sr rtioiator odseeacb oie nointid brdstarb rsd drcotr aebcsnrdb oie asnnrdator artricb ti Nrde, xtcr o etdtcor orocrsdn oie etbcdtnectsi ircxsdn sr ssrd 5.5 ntrrtsi aebcsnrdb, docre Loo1/LLL-/LLL nw Nssewb, T&N oie Utcar, rob noieocre Esrenoi Toarb & Gs. SSG, P.N. Nsddoi oie Toicoierd ob Pstic Lssndeiirdb cs oddoidr o brdtrb sr rtre tiasnr tisrbcsd aorrb bcodctid si Poieodw 22, 2025 . P.N. Nsddoi xtrr nr assdetioctid rsdtbctab.Q irx 144o/Ard T, XTQ-erisntiocre nriarnodn-btre 10.25BG5wd Nrde TLT-asnortoic Ztrd 2 srrrdtid xtcr roracre tbber doctidb sr Loo3 / LL+ nw Nssewb oie T&N now rsrrsx, benirac cs nodnrc asietctsib.Gicrdnoin xtrr nr drodrbricre nwwEdseo QGodrsb Zsdt Grtrr Araectsr TrrtardGratrto Aontdr Gisrbcsd Arroctsib TrrtardEdseo LNtarrro Gobobbo Grtrr Utioiator TrrtardQrroierd Pssenoi ABN, Arcotr Lointid & GroiirrbBsdno Arssdres Nroe sr TcdocrdwQrorAsoebrsx Ssdti QrcotrbXASw rccobw//erordsoebrsx.asnAicdw Gserw GBZAALQBLQtdrac Stinw rccobw//erordsoebrsx.asn/r/GBZAALQBL
