Red Flags Detected

• ⚠ The Notes Are Exclusively Our Obligations and Not Those of Our Subsidiaries. We Are a Holding Company And, Accordingly, Substantially All of Our Operations Are Conducted Through Our Subsidiaries. (new) — Structural subordination: the notes are obligations only of the holding company, and its ability to pay depends on distributions from subsidiaries, which are subject to regulatory and contractual restrictions.
• ⚠ The Senior Indenture Under Which the Notes Will Be Issued Provides That the Only Events of Default Will Be Insolvency Events and Payment Defaults That Continue For 30 Days. (new) — Limited events of default: holders cannot accelerate for breaches other than insolvency or payment default, including bankruptcy of the principal operating subsidiary.
• ⚠ All Payments of Interest On and the Principal of the Notes, Any Redemption Price For the Notes and Any Additional Amounts Will Be Made In Euros, Subject to Certain Limited Exceptions. (new) — Euro-denominated payments expose investors to foreign exchange risk, and neither the company nor the underwriters will assist in currency conversion.
• ⚠ Regulation, Reform and the Actual or Potential Discontinuation of Euribor or the Occurrence of Another Euribor Benchmark Event May Adversely Affect the Return On, Value of and Market For the Notes During the Floating Rate Period. (new) — EURIBOR benchmark risk: if EURIBOR is unavailable, fallback provisions may result in a different interest rate, possibly a fixed rate based on the previous period, which could be less favorable to investors.