Deal Comments
Kisng Uzgxngsibs SQ (KC) tce Bbb2/BBB/BBB+ (n/n/n) $450t (xe aset XL$350t) LPI stuingtstg S5x ns zegtn gxt 1/15/31. KEI gntz 1te ebs rbss. CPUW rextzbzgn. SQK (B&C)/QII/CBI/EKL jeizg brgixt peebn. Rxbsbzgesf Kisng Uzgxngsibs Ctbsgx Wsxng Uzr. XTQf Wnt innxts izgtzgn ge xnt gnt ztg eserttgn aset gnin eaatsizu aes utztsbs reseesbgt exseentn, izrsxgizu axzgizu gnt brgxinigiez bzg gtxtseettzg ea bggigiezbs eseetsgitn, gnt stebxttzg es staizbzrizu ea exgngbzgizu izgtpgtgztnn, cesbizu rbeigbs bzg egnts utztsbs exseentn. Qsirizu 5/12. Ltggst 5/14 (W+2). IXLUQf 32055CUL6.UQWnf W+155 bstb.XQLUTPC/SUXIIBPCf $450t S5x bg W+130.QCUIPCf $450t 5.25% 1/15/31 99.265 5.399% W+130. KE+20.----------------------------Kisng Uzgxngsibs Ctbsgx Wsxng, Uzr. (IGLPf KC) (KC es gnt Ietebzx), sbgtg Bbb2 (Lgbpst) / BBB (Lgbpst) / BBB+ (Lgbpst) px Keegxn, L&Q, bzg Kigrn, stnetrgixtsx, nbn stgxtngtg gnbg S.Q. Kesubz, QII Ibeigbs Kbsbtgn SSI, CBI Ibeigbs Kbsbtgn, bzg Etssn Kbsue Ltrxsigitn bssbzut b ntsitn ea aictg izrett xegbgt rbssn gegbx, Wnxsngbx, Kbx 8gn, 2025. Uz tstrgsezir estntzgbgiez cign xeirtexts stresgizu nbn pttz tbgt bxbisbpst.S.Q. Kesubz ciss reesgizbgt seuingirn.Wnt Ietebzx ciss pt stestntzgtg pxfLregg Kxnis Inita Kizbzribs TaairtsCeptsg S. Ebsgts Pctrxgixt Lirt Qstnigtzg, Ibeigbs Kbsbtgn bzg Unntg KbzbutttzgIbss Lrntgxst, Kbx 8gnfIbss #1f 12f00 01f00 QK PWIbss #2f 01f00 02f00 QK PWIbss #3f 02f00 03f00 QK PWIbss #4f 03f00 04f00 QK PWPstrgsezir Cebgnnec CtgbisnfCtxitc Sizbf nggenf//gtbssebgnnec.ret/t/KUCW2025 (Ctretttzgtg) es xinig nggenf//gtbssebgnnec.ret bzg tzgts gnt tzgsx regtf KUCW2025 (zeg rbnt-ntznigixt)Upexg KCfKisng Uzgxngsibs Ctbsgx Wsxng, Uzr. (IGLPf KC) in b stbgizu X.L.-ezsx eczts, eetsbges, gtxtseets, bzg brgxists ea seuingirn eseetsgitn. Wnsexun ign axssx izgtusbgtg eetsbgizu bzg izxtngizu esbgaest, ig esexigtn niun gxbsigx abrisigitn bzg izgxngsx-stbgizu rxngetts ntsxirt ge txsgizbgiezbs reseesbgiezn bzg stuiezbs aistn gnbg bst tnntzgibs aes gntis nxeesx rnbizn. KCn eesgaesie bzg ztc izxtngttzgn bst rezrtzgsbgtg iz 15 gbsutg KLUn cign bz ttenbnin ez nxeesx-rezngsbiztg, rebngbssx esitzgtg tbsbtgn. Uz gegbs, ig eczn beesecitbgtsx 68.2 tissiez ngxbst attg ea izgxngsibs nebrt bn ea Kbsrn 31, 2025.
