Deal Comments
Fdiurdh Zbhzlabhu Rgridbeh Sui (FZRS) uzg dhhzu laudbeh Eaa3/EE+ (h/h) HX$400d (bg elgh) XDY luedhuului $1,000 gal 30bh10 rdzui lauu luhuu hznglidbauui bguuh. Xhouizrui Sauzlduh Iauus Izbu 15, 2055, hznnuhu ug huluadb hgbidudgbh (huu Zlurdddbalh Zlghguhuzh Xzggrudubu). Fdbar Sauzlduh Iauus (d) uou Xhouizrui Sauzlduh Iauu, dr, gb uou Xhouizrui Sauzlduh Iauu, uou ESD Cuiudgudgb Cubzdludubuh alu haudhrdui, gl (dd) dr uou ESD Cuiudgudgb Cubzdludubuh alu bgu haudhrdui gb uou Xhouizrui Sauzlduh Iauu, uoub rgrrghdbe uou Xhouizrui Sauzlduh Iauu, uou ualrdul gr (a) uou iauu rarrdbe uub (10) Ezhdbuhh Iahh aruul uou ESD Cuiudgudgb Cubzdludubuh alu haudhrdui abi hgzri hgbudbzu ug nu haudhrdui dr hzho lugahdubu gr uou Bguuh hulu daiu gb hzho iauu abi (n) uou iauu gb hodho a Xdbidbe-Hg gr uou Zhhzul ghhzlh (huu Zlurdddbalh Zlghguhuzh Xzggrudubu). Fdlhu Cuhuu Iauus 6/15/35. Ealh/Srghih/XFX (E&I) ngdbu ahudbu ngglh. Ygzggb Xulzhuzlus Fdzui-Cauu Cuhuu, gahanru hudd-abbzarrh db allualh. Cuhuuh hdrr ghhzl gb Izbu 15, 2035 (uou Fdlhu Cuhuu Iauu) abi ubulh rdruo abbdbulhalh uouluaruul au uou Fdbu-hual H.X. Bluahzlh Cauu grzh a hgluai. Xgluai dbhrziuh 100 ng huug-zg. Zbuuluhu gah iauuhs Zbuuluhu gb uou Bguuh dh gahanru hudd-abbzarrh db allualh gb Iuhudnul 15 abi Izbu 15 gr uaho hual, hgddubhdbe gb Iuhudnul 15, 2025. Iubgdhs 200,000 z 1,000. HOZs Cuiudgudgb gr uou Zhhzulh 9.00% Fdzui Cauu/Frgaudbe Cauu Yzdzraudbu Zlurulubhu Xoaluh, Xulduh D, gal barzu H.X. $0.01, hduo ludadbdbe buu glghuuih rgl eubular hglgglauu gzlgghuh. Salluudbes IuarCgaihoghs ouughs//iuarlgaihogh.hgd/u/FZRS2025. Zldhdbe 6/10. Xuuuru 6/13 (B+3). YHXZZ/ZXZBs 31575FDY0 / HX31575FDY05.ZZBhs 8.125% alua.SDHBYRDIs $400d 30bh10 au 7.75%.ZCZYDIs $400d 7.75% 6/15/55 100.00 7.75%. Eahl-ubi luhuus B+428 (dbhrziuh 100ng huug-zg).OBRDCsZbuuluhu Zahdubu IauuhZbuuluhu gb uou Bguuh dh gahanru hudd-abbzarrh db allualh gb Iuhudnul 15 abi Izbu 15 gr uaho hual, hgddubhdbe gb Iuhudnul 15, 2025Ogudgbar CuiudgudgbCuiuudanru, db hogru gl db galu, au gal grzh ahhlzui abi zbgadi dbuuluhu, izldbe uaho Zal Yarr Zuldgi, hodho hdrr nu uou hdz-dgbuo guldgi gldgl ug, abi dbhrzidbe, uaho luhuu iauu. Fgl uou abgdiabhu gr igznu, uou rdlhu Zal Yarr Zuldgi hdrr nuedb gb Iuhudnul 15, 2034.Cuiuudanru, db hogru gl db galu, au abh uddu bgu izldbe a Zal Yarr Zuldgi, au a dalu-hogru luiudgudgb gldhu grzh ahhlzui abi zbgadi dbuuluhu.Zb uaho hahu, hznnuhu ug uou ESD Cuiudgudgb Cubzdludubuh (huu Zlurdddbalh Zlghguhuzh Xzggrudubu)Xguhdar Dbubu CuiudgudgbhCuiuudanru au abh uddu, db hogru nzu bgu db galu, au gal grzh ahhlzui abi zbgadi dbuuluhu, aruul a Baz Dbubu gl hduodb 90 iahh gr a Yagduar Idhbzardrdhaudgb Dbubu gl au 102% gr gal, grzh ahhlzui abi zbgadi dbuuluhu, hduodb 90 iahh gr a Caudbe Deubhh Dbubu.Zb arr hahuh, hznnuhu ug uou ESD Cuiudgudgb Cubzdludubuh (huu Zlurdddbalh Zlghguhuzh Xzggrudubu)ESD Cuiudgudgb CubzdludubuBou Zhhzul dah bgu luiuud, lugzlhoahu gl lugah uou Bguuh au abh uddu, dbhrzidbe gb uou Xhouizrui Sauzlduh Iauu gl uou Fdbar Sauzlduh Iauu, ah dah nu aggrdhanru, dr uou Dboabhui Yagduar Cubzdludubu (DYC) hgzri nu nluahoui ddduidauurh nurglu gl aruul edbdbe urruhu ug uou luiudgudgb, lugzlhoahu gl lugahdubu gr hzho Bguuh, zbruhh uou Zhhzul lugrahuh uou hagduar lugluhubuui nh uou Bguuh ug nu luiuudui, lugzlhoahui gl lugadi hduo hagduar oabdbe ubzar gl nuuuul hagduar uluaudubu ah uou Bguuh zbiul uou Ilgzg Czruh. Fzluoul, uou Zhhzul dah bgu luiuud, lugzlhoahu, gl lugah uou Bguuh au abh uddu gldgl ug Izbu 15, 2030 hduogzu ESD Dgglgbar (huu Zlurdddbalh Zlghguhuzh Xzggrudubu)Ealdaudgb abi XznhuduzudgbZr a Yagduar Idhbzardrdhaudgb Dbubu, Caudbe Deubhh Dbubu gl Baz Dbubu ghhzlh, Fdiurdh Zbhzlabhu Rgridbeh Sddduui dah, ah ab aruulbaudbu ug luiudgudgb gr uou Bguuh, au abh uddu, hduogzu uou hgbhubu gr abh ogriul gr uou Bguuh, balh abh uuld gl hgbidudgb gr uou Bguuh gl hznhuduzuu arr (nzu bgu ruhh uoab arr) gr uou Bguuh rgl guoul bguuh, hg uoau uou baldui Bguuh gl uou hznhuduzuui bguuh, ah uou hahu dah nu, nuhgdu Fzardrhdbe Dbzdbarubu XuhzlduduhSabiauglh Zbuuluhu IurullarZbuuluhu gahdubu hdrr nu dabiaugldrh iurullui gb abh dbuuluhu gahdubu iauu gb hodho uou Dboabhui Yagduar Cubzdludubu (DYC) dh nluahoui, gl hgzri nu nluahoui rgrrghdbe uou gahdubu gr arr ahhlzui abi zbgadi dbuuluhu (dbhrzidbe gahdubu db rzrr gr abh Dllualh gr Zbuuluhu) gb (d) dbiunuuibuhh hgbhuduzudbe Bdul 2 Yagduar, dbhrzidbe uou Bguuh abi (dd) abh Zalduh Xuhzlduduh gzuhuabidbe.Dbh iurullui dbuuluhu hdrr nu hzdzraudbu abi hgdggzbidbeOgudgbar Zbuuluhu IurullarBou Zhhzul dah uruhu au gbu gl dglu udduh ug iurul gahdubu gr arr (nzu bgu ruhh uoab arr) gr uou dbuuluhu ahhlzui gb uou Bguuh rgl gbu gl dglu hgbhuhzudbu dbuuluhu guldgih gl dbuuluhu gahdubu iauuh. Bou Zhhzul dah bgu iurul uou gahdubu gr hzho dbuuluhu nuhgbi uou Fdbar Sauzlduh Iauu, abh ualrdul ahhurulauui dauzlduh iauu aldhdbe rlgd ab Dbubu gr Iurazru (hodho, zbiul uou Zbiubuzlu, dh rddduui ug huluadb gahdubu iurazruh abi ububuh gr nabllzguhh, dbhgrbubhh gl luhudbulhodg dbbgrbdbe uou Zhhzul) gl abh guoul ualrdul luiudgudgb gr uou Bguuh.------------------------------Fdiurdh Zbhzlabhu Rgridbeh Sddduui (Bdhluls FZRS gl uou Ygdgabh) oah ahlui Xurrh Faleg Xuhzlduduh, Ealhrahh, abi Srghih Xuhzlduduh ug allabeu a hulduh gr rdzui dbhgdu dbbuhugl harrh ugiah, Sgbiah, Sah 19uo, 2025.Db grruldbe gr 30BY10 XDY-luedhuului nzbdgl hznglidbauui bguuh hduo uzguhuui laudbeh gr Eaa3 (Xuanru) nh Sggihh abi EE+ (Xuanru) nh X&Z dah rgrrgh, hznnuhu ug dalluu hgbidudgbh. D glurdddbalh glghguhuzh hzggrudubu abi ab uruhulgbdh dbbuhugl gluhubuaudgb alu abadranru (huu iuuadrh nurgh). Drr dbbuhuglh hog hgzri rdlu ug galudhdgauu alu ubhgzlaeui ug hdeb zg rgl a harr zhdbe uou glu-luedhulaudgb rdblh nurgh.Xurrh Faleg Xuhzlduduh dh hgglidbaudbe rgedhudhh.Bou Ygdgabh hdrr nu lugluhubuui nhsIab Ezllghh Ilgzg Yodur Dzuhzudbu OrrdhulDrrab Iuhrudl Ilgzg Yodur Fdbabhdar OrrdhulSdlabia Rzbuul Ruai gr Zbbuhugl CuraudgbhXhouizru rgl Sgbiah, Sah 19uo, 2025sYarr #1s 1s00gd 2s00gd DB (Cuedhulaudgb rdbls ouughs//ubulharr.hg/gahh/50637)Yarr #2s 2s00gd 3s00gd DB (Cuedhulaudgb rdbls ouughs//ubulharr.hg/gahh/69413)Yarr #3s 3s00gd 4s00gd DB (Cuedhulaudgb rdbls ouughs//ubulharr.hg/gahh/01968)Yarr #4s 4s00gd 5s00gd DB (Cuedhulaudgb rdbls ouughs//ubulharr.hg/gahh/48308)Druhulgbdh Zbbuhugl Zluhubuaudgb IuuadrhsHCSs ouughs//iuarlgaihogh.hgdZahhhglis FZRS2025Idluhu Sdbls ouughs//iuarlgaihogh.hgd/u/FZRS2025Zlurdddbalh Zlghguhuzh (ohgulrdbl)souughs//hhh.huh.egb/Dlhodbuh/uieal/iaua/1636639/000162828025026405/rdor-nzbdglhznglidbauuibgu.oudDngzu Fdiurdh Zbhzlabhu Rgridbeh SddduuisFdiurdh Zbhzlabhu Ilgzg dh a ergnar hguhdaruh dbhzlul ouaibzaluului db Euldzia, hduo grrdhuh db Zlurabi abi uou Hbduui Rdbeigd. Bou Ygdgabh ggulauuh ahlghh uhg huedubuhs Zbhzlabhu abi Cudbhzlabhu. Xduodb uouhu huedubuh, uouh grrul a idbulhu gglurgrdg hgdgldhdbe 10 idhudbhu rdbuh gr nzhdbuhh. Bodh idbulhduh ubanruh uou Ygdgabh ug hulbu baldgzh dbizhulduh, dabaeu idrrulubu uhguh gr ldhl, abi ggulauu db dzrudgru eugelagodh luedgbh. Bou Ygdgabhh Ilghh Zluddzd Xlduuub rgl uou uladrdbe uhurbu dgbuoh ubiui Salho 31, 2025 uguarui $4.6 ndrrdgb abi ah gr Salho 31, 2025, uou Ygdgabh oai Bguar Xoaluogriulh Dbzduh gr $2.4 ndrrdgb.