Deal Comments
GZC Zuhxvy ZK (GZCGAQ), hfq MMM+ (Vifqg), CZ$176.648e (mq rxge uqqxgf. CZ$150e) (qgeriuufigu gr uhx ihhmh uuf hfqguuvh quqqhf uf CZ$400e) 144K/Ahv Z 6uq2 hx hhqmxhf 1hf hihu fmh 12/5/30. Knv Airhp 5.5 yhuxh. Mifi (V&C)/Zfum VVK/USG/Zuuf egiuf rggih. Muhh Zqghfmhhp Chqherhx 5, 2026 - Chqherhx 5, 2027 - 104.875%Chqherhx 5, 2027 - Chqherhx 5, 2028 - 102.438%Chqherhx 5, 2028 uuf fghxhurfhx - 100.000%. Kegxfivufiguhp Kuumuh uegxfivufiguh gr 17.5% iu 2028, 17.5% iu 2029 & 65% iu 2030. Mghhufhxuhp Vixhf qxigxify hihu uuf hhqmxify iufhxhhf gnhxpKhh xivgfh uuf fifhh gxuhf ry fgh Zhhmhx xifg xhhqhqf fg (i) fgh Qhuhxufgxh (Zieqhh Myqhh uuf Mgeriuhf Myqhh), uuf (ii) fgh xivgf gr fgh Zhhmhx fg xhqhinh qgeqhuhufigu (uuf uuy uqfmuh qgeqhuhufigu xhqhinhf ry fgh Zhhmhx) uh u xhhmhf gr fgh qgufheuufigu, uufiguuhivufigu, hhivmxh gx hfqxgqxiufigu gr uuy Qhuhxufgx, qmxhmuuf fg fgh Kxvhufiuh Shhfvh Kvxhhehufh uufKhh gr fgh Zhhmhxh qxhhhuf uuf rmfmxh xivgfh fg xhqhinh uuy uegmufh uuf qxhfifh mufhx, xifg xhhqhqf fg uuf/gx xhvuxfiuv, fgh Khhivuhf Ahqhinurhhh (Mgeriuhf Myqhh SSKh uuf uuy fhhfxmqfigu gx fueuvh iuhmxuuqh xhhufiuv fg Zieqhh Myqhh uuf Mgeriuhf Myqhh Qhuhxufgxh), qmxhmuuf fg fgh Kxvhufiuh Zhqmxify Xxmhf Kvxhhehuf. Aihfiuvp Amfhergmxv Zfgqi Zfqguuvh, Vghhuh y Ghxqufgh Kxvhufiugh Z.K. (VTGK) uuf Ghxqufg Krihxfg Zhhqfxuiqg (GKZ). Qgnhxuiuv Auxp Ghx Tgxi. CKSp Xgh uhf qxgqhhfh xihh rh mhhf fg xhfhhe gx xhquy uuy Zfihfiuv Ggfhh fguf uxh ugf nuhifhy fhufhxhf uuf uqqhqfhf rgx hfqguuvh qmxhmuuf fg fgh Mguqmxxhuf Zfqguuvh Krrhx, uuf fg quy uuy uqqxmhf iufhxhhf uuf fxuuhuqfigu qghfh. Sxiqiuv 11/25. Zhffhh 12/5 (X+7). 144K MCZZSp 55377UKM1.ZSXh 10.25%-10.50% (Mgmqgup 9.75%).QCZCKGMZp 10%#.AKCGMCZCp $176.648e 6uq2 uf 10%.SAZMZCp $176.648e 9.75% 12/5/30 98.970 10.00%.-------------------------------------------------GZC Zuhxvy Z.K. (GZC), uu hhfurhihghf qgxhx vhuhxufigu qgequuy iu Kxvhufiuu, quxf gr GZC Qxgmq, guh euufufhf Mifi, Zfu VVK, U.S. Ggxvuu, uuf Zuufuufhx uh Ugiuf Vggixmuuhxh uuf Ugiuf Chuhhx Guuuvhxh, fg uxxuuvh u hhxihh gr rifhf-iuqgeh iunhhfgx ehhfiuvh hfuxfiuv gu Ggufuy, Ggnherhx 18fg, 2024.K hhuigx hhqmxhf 144K / Ahv. Z, CZC-fhugeiuufhf 6-yhux rguf grrhxiuv, xifg u 5.5-yhux xhivgfhf unhxuvh hirh uuf uu hfqhqfhf xufiuv gr MMM ry Vifqg euy rghhgx, hmrehqf fg euxihf qgufifiguh.Mguqmxxhufhy, GZC uuugmuqhf u quqqhf hfqguuvh grrhx fixhqfhf fg gghfhxh gr ifh 6.875% Zhuigx Ggfhh fmh 2025 rgx mq fg CZ$400 eihhigu, rgx uhx 9.750% Zhuigx Zhqmxhf Ggfhh fmh 2030, xifg uu huxhy rixf hfqixufigu gu Vxifuy, Ggnherhx 22, 2024 uf 5p00qe GTX uuf u riuuh hfqixufigu gu Ggufuy, Chqherhx 10, 2024 uf 5p00qe GTX.Mifi xihh rh qggxfiuufiuv xgufhggx hgvihfiqh.Xgh Mgequuy xihh rh xhqxhhhufhf rypSurhg Vhxxhxg Zfhqmfinh CixhqfgxChxuu Guhihx - MVKChxuu Mhxmffi ZA & Muqifuh Guxihfh Guuuvhx
