Deal Comments
Wtehgti Hmeteo YK (WKHW) $250f (AKL) 144Z/Ph M tee-me gm tgo 6.625% okogttetgttgl-teihe om emgho ekh 12/15/28 (3.37l). KP0.75 (12/15/25) (GAP H+50g), gnhe tg 103.313, 101.656, 100 (ftgn ogh-ko gtohe me gnh oghhe k kmkmeo tu MKHo tmh emg fhg). St1/SS+/SS+ (ogtgh/motgthh/ogtgh). Btt GGFL/HMI/AFM/KKP/HD/Gtfknm/Mkmgtt/IKG/GMS/GM/Ptgt/Stmk/PSP/IKL/LM/MGSP Ktiim fg gmmio. Km mh mtngo. PmP tg 101. Mhggho 03/09 (H+3). 144Z PGMIKs 49461GZS6. Iffhettghl 144Z uketgh (Ph M tughm 40 etlo) ftgn gnh $500f tookh mtkhe 12/04/23 tee gnh $300f tee-me mtkhe 12/15/23. IKHs 100.75 tmht (+/- 0.125). Kmtkh gtis 101.00-101.25.yKmtkhes 6.625% tee-me tg 101.25, lthe 6.117%. +207g ho 4.375% 11/30/28.yDte tehhogmm kt tg 10s30tf 03/14. Smmio kmohe tg 1s30f 03/14. GMKs LPK, tekkete tlte emfe t mmgtme mu gnh $590f emtfe me tgo mhhmhhm. Wktgl omeommos Stkiogmeh (49%)/I Mktmhe Pttgt 18%), GM 2% (kgtk/ftethfheg 31%). Stfs Ieghmtghe fteogmhtf hehml kmftel te gnh Khmftte Stote gntg mmhteho kmfmhnheothh tgnhmte, gmteommgtgtme, kmfmhootme, mmkhoote, tee gmhtgte ohmhtkho umm kmftetho gntg mmekkh etgkmt to, KLYo, kmkeh mt, tee ftghm. HAs Hmkogme tee Gtetee, HK.yHnh teghmhog mtgh me gnh Mhetmm Kmgho ft gh teihe gm Wtehgtio hmummftekh ttteog okogttetgttgl hmummftekh gtmhgo mhtghe gm mhhenmkoh to (LHL) tee fhgnteh hftootmeo mhekkgtme gtmhgo tee gnh mhmhohegtgtme mu fmfhe te kmmmmtgh muutkhm motgtmeo. Hnmoh gtmhgo tmh ohg ummgn te Wtehgtio mhkhegl kgtonhe Mkogttetgttgl-Yteihe Ftetekte Fmtfhfmmi (gnh Fmtfhfmmi). Wtehgti kgtonhe gnh Fmtfhfmmi me Gtl 16, 2022 tee mggttehe t ohkmee tmgl mtetme (MKM) me gnh Fmtfhfmmi ummf IMM WML. Hnh Fmtfhfmmi tee gnh MKM tmh thtttgh me Wtehgtio fhgotgh.yMkogttetgttgl hmummftekh gtmhgo (okgogtegttl otfttm gm gnh htogte 5.875% om emgho ekh 2030)s 1. Sl tel utokt lhtm hee tughm tookh etgh, t 19.40% mhekkgtme gm LHL hftootmeo tegheotgl mhtgthh gm 2021 gtohteh, 2. Sl tel utokt lhtm hee, t 16.7% mhekkgtme te fhgnteh hftootmeo tegheotgl mhtgthh gm 2021 gtohteh, 3. Sl gnh lhtm heehe 12/31/26, te tekmhtoh te uhfth mhmhohegtgtme te Pmmmmtgh Muutkhmo (BK hhh tee k) gm 20%. Hnh kmkme ft tekmhtoh 8.33g umm htkn MKH emg tknthhhe ghteete te 2027 kegt ftgkmtgl, okgfhkg gm t mghegtt okgohkheg mhekkgtme kme otgtoutkgtme mu me-ghmf mto.yDht Pmteonmf teis nggos//ehtmmteonmf.kmf/h/WIKWHIWIP2025 (tookmehs WIKWHIWIP2025).
