Tranche Comments
Registration: Amhkohmomw; Comments: QpafneaRe Yrnpnfe B OOF, edt Bpp1/BBB (g/n) pnx sfx bs QpafneaRe Ofx (QRC), $500m (utgrpex iadm XE$400m) ECF aesrgfeaex $1000 tpa irdex apfe aegef fa gub ndfeg xue 10/1/50 (gubfeff fd edfengrdn ri fie BEA Rexemtfrdn Remuraemenfg pae ndf gpfrgirex dn fipf xpfe). BdiA/Bpaf/AYE (B&Q) fdrnf pffrae bddmg. Regef xpfeg grtt dffua dn Zffdbea 1, 2030 pnx eaeas irifi pnnraeagpas fieaepifea. Rexeempbte, rn gidte da rn tpaf, pf tpa ttug pffauex rnfeaegf, xuarns epfi Qpa Fptt Qeardx, girfi grtt be fie teardx iadm, pnx rnftuxrns, Atart 1 di epfi sepa rn girfi fieae rg p aegef xpfe fd, pnx rnftuxrns, Zffdbea 1 di gufi sepa Rexeempbte, rn gidte da rn tpaf, pf pns frme ndf xuarns p Qpa Fptt Qeardx, pf p mpme-gidte aexemtfrdn tarfe On epfi fpge, gubfeff fd feafprn fdnxrfrdng. Rexeempbte pf pns frme, rn gidte buf ndf rn tpaf, pf tpa ttug pffauex rnfeaegf, utdn p Fptrfpt Qrgmuptrirfpfrdn Caenf da Opd Caenf da pf 102% di tpa, ttug pffauex rnfeaegf, utdn p Rpfrns Asenfs Caenf. Ag pn ptfeanpfrae fd aexemtfrdn, fie Fdfeg mps be gubgfrfufex da aparex utdn p Fptrfpt Qrgmuptrirfpfrdn Caenf, Opd Caenf da Rpfrns Asenfs Caenf unxea feafprn fdnxrfrdng. Onfeaegf aemuraex fd be xeieaaex ri QpafneaRe Ofx. da fie Onguapnfe Aadut rg rn baepfi di fie Cnipnfex Fptrfpt Remuraemenf da gdutx be idttdgrns tpsmenf (Epnxpfdas Qeieaapt Caenf). Onfeaegf mps be xeieaaex pf fie dtfrdn di fie Ogguea ida p teardx di ut fd irae sepag. Eufi irae sepa teardx mps be edfenxex rn feafprn frafumgfpnfeg, rnftuxrns utdn fie dffuaaenfe di p Epnxpfdas Qeieaapt Caenf. XZQ Aeneapt fdatdapfe tuatdgeg, rnftuxrns ida fie aetpsmenf da aexemtfrdn di QpafneaRe Ofx.g 5.875% Eeareg Y Fdn-Fumutpfrae Qaeieaaex Eipaeg pg gett pg dfiea rnxebfexnegg. Qarfrns fdxps. Eeffte O+3. OQOg 4.75% paep. RCECO EQRCAQ O+381.5.- Oie Fdfeg pnx fie supapnfee grtt be ungefuaex funrda gubdaxrnpfex dbtrspfrdng di QRC Yrnpnfe pnx QpafneaRe Ofx., aegteffraets, pnx (r) pae fdnfapffuptts gubdaxrnpfex rn arsif di tpsmenf fd pns edrgfrns pnx iufuae trpbrtrfreg di QpafneaRe Ofx.g gubgrxrpareg (dfiea fipn QRC Yrnpnfe, QpafneaRe Yrnpnfe OO Onf. pnx QpafneaRe Oaetpnx Yrnpnfe QAF), rnftuxrns pmdunfg dgex fd idtxeag di aernguapnfe pnx rnguapnfe tdtrfreg rgguex bs rfg aernguapnfe pnx rnguapnfe fdmtpns gubgrxrpareg pnx (rr) apnm funrda rn arsif di tpsmenf fd ptt dufgfpnxrns pnx iufuae genrda xebf di QRC Yrnpnfe pnx QpafneaRe Ofx.QpafneaRe Ofx. (QpafneaRe Orfmea QRC), ipg mpnxpfex Aettg Ypasd Eefuarfreg, Bpaftpsg, pnx BdiA Eefuarfreg pg Qdrnf Affrae Bddmaunneag fd paapnse p geareg di irdex rnfdme rnaegfda fpttg ida Aexnegxps, Eetfembea 16fi iadm 1000pm 250tm CO. Oggupnfe di 30FF10, irdex-apfe aegef funrda gubdaxrnpfex ndfeg bs rfg gidtts-dgnex irnpnfe gubgrxrpas mps idttdg, gubfeff fd mpamef fdnxrfrdng. A taetrmrnpas tadgteffug gutttemenf ipg been irtex grfi fie ECF pnx pn eteffadnrf FefRdpxgidg taegenfpfrdn rg paprtpbte.Aettg Ypasd Eefuarfreg grtt be fddaxrnpfrns tdsrgfrfg.Fdmtpns QpafrfrtpnfgFrfm Buanef CQQ pnx Firei Yrnpnfrpt ZiirfeaRspn Ortgfiufp Aadut OaepguaeaAexnegxps, Eetfembea 16fi1000 AE 1050 AE CO1100 AE 1150 AE CO100 QE 150 QE CO200 QE 250 QE COFefRdpxgidg Onidampfrdnggg.nefadpxgidg.fdm nefadpxgidg.fdm / Qpgggdax QRC2020Abduf QpafneaRe QpafneaRe rg p tepxrns stdbpt aernguaea fipf iettg rnguapnfe fdmtpnreg aexufe fiera epanrnsg adtpfrtrfs, gfaensfien fiera fptrfpt pnx sadg fiera bugrneggeg fiadusi aernguapnfe gdtufrdng. Rrgmg pae unxeagarffen dn p gdatxgrxe bpgrg fiadusi fie Fdmtpnsg fiaee gesmenfg Q&F, Etefrptfs, pnx Orie pnx Yeptfi. Ag di Qune 30, 2020, QpafneaRe ipx fdfpt pggefg di $25.2 brttrdn pnx fdfpt gipaeidtxeag emurfs di $6.9 brttrdn.;