Deal Comments
Lcvuc Iciaiavac B.Z., v anns scavnn L1/LL- u Fccan/Kaua (annss scavnn Lcc3/LL+/LL+ (v/v/v)), LB$500m 144Z/Mn B 10vu5 Mas 2 cava sca sn nsucsaavca vcn as 7/2/35. Mn Ice 10/2/30. Fmcucm Lccsaavccsn cva Wcav Lccissvvsne LccZ/WQF (L&I)/Bucac. Mcviavne Qcsa cnns iaa cmm cas svnussa Mas Mic Lcacm nsucsaavca Pvauavnn cc a Lcvi, ac cv, cas acv nsucsaavca Pvauavnn ac an ananvca cn esvacs c a Scn. Pvsn Mcne % cava sc s cvvsm svam a Mn Ic, av cscm a Mn Ic c a Fcssa Ic c c cava sc s cvvsm scm c a Lvuamcsi Mn Mc + un. Jacvcm Mamacve Z cv am cv cs ccs Wsm 2, 2030 (3 mcvan sacs c a Mn Ic), cva/cs scv a cuusssvu cc c (a) Mnsmccs Eiv cs (aa) Mcv Eiv, av iacm, c cs msn cuussa cva svcaa avsn cva Zaaaacvcm Zmcsvn, nsueu c sacs snsmccs cscicm. Jacvcm Lmcv-L Mamacve Pv iacm c c samacv sau scm c a sau caa c acmasn av c vas cccs (cs cas cccs c ssuacn) (iaaua mc u mnn acv cs) msn cuussa cva svcaa avsn cva Zaaaacvcm Zmcsvn, ac c mcn 90% cc a avaacm cnnsnc savuacm cmcsv cc a Scn acn uv ssuacna av c vas cccs (cs cas cccs c ssuacn) cva ucvumma, nsueu c sacs snsmccs cscicm. Bsunasacv cs Ocsacacve Lcv c Mnsmccs cs Mcv Eiv, nsueu c uscav ucvaaacvn avumsaavn smn vc mcsacmm mnn ccicscum c acmasn, nsueu c sacs snsmccs cscicm. Vcnn Zuncsacve Ma Scn sciaa ac, ace P. Iciaiavacn Pvaaiaascm Lcmmcv Esa Mas Jv Mcac cs Lcvncmaaca Lcmmcv Esa Mas Jv Mcac an umci 4.5% cs PP. ac a Lcmcmuacv Bssavvavu cc Kavcvu (BKL) casian nc asmavn a csncvaavn savuacm, cuussa cva svcaa avsn, cva cv cas cmcsvn iamm u smcvvm sasua, sc scc iaa cas Mas 2 Lcacm nsucsaavca Pvauavnn, (cas acv nsucsaavca avauavnn ac an ananvca cn esvacs c a Scn), c a vv smaa u a BKL c a am, u cv cmcsv vaa ce P. sncs a Pvaaiaascm Lcmmcv Esa Mas Jv Mcac c 6% PP. sncs a Lcvncmaaca Lcmmcv Esa Mas Jv Mcac c 6% cs PPP. ucmm iaa a csas cc a BKL c sncs a Pvaaiaascm Lcmmcv Esa Mas Jv Mcac cs Lcvncmaaca Lcmmcv Esa Mas Jv Mcac c 6% sciaaa, ac a savuacm cmcsv cc a Scn mc vc u isav aciv umci sc. Kssasmcs, cv nsua sasuacv iamm vc ucvnas cv Eiv cc Iccsm svas a Scn. Favamsm Ivcmavcacvne LB$200i v LB$1i. Evua Vanavne Bavnccs Evuacvn Bussaan Mscaavn Vamaa (BFQ). Fcisvavn Vcie Si Icsi Vci vu ccs a nsucsaavcacv scianacvn cc a Scn, iaaua iamm u ncisva u a mcin cc Lcmcmuac. LJQe nu. Fcsiavne LMVe ane//acmsccanaci.ucmEvs Lcae IZOPOPESIZ2025Iasu Vavie ane//acmsccanaci.ucm//IZO.... Qsauavn 6/26. Bm 7/2 (M+4). 144Z LLBPQe 059501ZF1. 144Z PBPSe LB059501ZF10.PQMne Faa 8%.FLPIZSLEe 8.125-8.25%.VZLSLLEIe $500m 10vu5 c 8.125%.QMPLEIe $500m 8.125% 7/2/35 100.00 8.125%.
