Red Flags Detected

• ⚠ The Notes Will Not Be Guaranteed By Any of Our Subsidiaries. (new) — Structural subordination means noteholders rank behind subsidiary creditors, a significant credit risk.
• ⚠ We May Issue Secured Debt In the Future In an Unlimited Amount. (new) — Unlimited future secured debt could rank ahead of the notes, diluting recovery prospects.
• ⚠ The Term 'change of Control' Is Limited In Terms of Its Scope and Does Not Include Every Event That Might Cause the Market Price of the Notes to Decline. (new) — Limited change-of-control protection leaves noteholders exposed in leveraged transactions that do not trigger a repurchase.
• ⚠ Certain of the Underwriters And/or Their Affiliates Hold a Position In the Delayed Draw Term Loan Due 2026 And, As a Result, Will Receive a Portion of the Net Proceeds From This Offering. (new) — Underwriter conflict of interest: proceeds are used to repay a loan held by the underwriters, potentially affecting their incentives.