The company completed the issuance of $500,000,000 in aggregate principal amount of its 6.950% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 on December 6, 2024. The public offering price was 99.985% of the principal amount.

1. 01

   The company completed the issuance of $500,000,000 in aggregate principal amount of its 6.950% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 on December 6, 2024. The public offering price was 99.985% of the principal amount.

2. 02

   The company said it plans to use the net proceeds from the offering to repay existing indebtedness, including borrowings under the revolving facility of its senior credit facility, and for general corporate purposes.

3. 03

   The company said the notes bear interest at 6.950% per year from December 6, 2024 to, but excluding, July 15, 2030, and reset thereafter from July 15, 2030 at the Five-year U.S. Treasury Rate plus a spread of 2.890%. It also said that, if no event of default has occurred, it may defer interest payments for up to 20 consecutive semi-annual interest payment periods.

4. 04

   The company said it may redeem the notes at a cash price equal to 100% of the principal amount plus accrued and unpaid interest, starting in the 90-day period before July 15, 2030 and on interest payment dates thereafter. The underwriters are J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC and Credit Agricole Securities (USA) Inc.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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