Transactions

C.L. King Co-Manages Pershing Square USA and Pershing Square Inc. Combined Initial Public Offering

C.L. King participated as Co-Manager in the combined initial public offering of Pershing Square USA, Ltd. and Pershing Square Inc. The offering of 40,516,960 common shares of Pershing Square USA raised $2.03B and priced at $50.00 per share. As part of the combined offering, each initial investor in the Pershing Square USA IPO received, for no additional consideration, 1 share of Pershing Square Inc. common stock for every 5 shares of Pershing Square USA purchased. The stocks are listed on NYSE under the tickers PSUS and PS, respectively.

C.L. King Co-Manages $4.25 Billion Walmart Bond Offering

C.L. King acted as Co-Manager for Walmart Inc in its $4.25B 5-part debt offering consisting $650M 4.00% 3yr Fixed Senior Unsecured Notes due 4/30/29, $350M SOFR+40 3yr Floating Senior Unsecured Notes due 4/30/29, $1B 4.15% 5yr Fixed Senior Unsecured Notes due 4/30/31, $1.25B 4.45% 7yr Fixed Senior Unsecured Notes due 4/30/33 and $1B 4.75% 10yr Fixed Senior Unsecured Notes due 4/30/36 (NASDAQ: WMT). These issues were rated Aa2/AA/AA.

C.L. King Co-Manages $1 Billion Ally’s Preferred Stock Offering

C.L. King acted as Co-Manager for Ally Financial Inc in its $1,000 par PerpNC5 $1B 7.1% Fixed Rate Reset Non-Cumulative Preferred Stock, Series D. The company offered 1,000,000 depositary preferred shares (NYSE: ALLY). This issue was rated Ba2/BB-/B+.

C.L. King Co-Manages $6 Billion AT&T Bond Offering

C.L. King acted as Co-Manager for AT&T Inc in its $6B 5-part debt offering consisting of $750M Tap of T 4.75% 4/30/33 Fixed Senior Unsecured Notes, $1.75B 5.25% Long 10yr Fixed Senior Unsecured Notes due 10/30/36, $500M Tap of T 5.85% 4/30/46 Fixed Senior Unsecured Notes, $2B 6.20% Long 30yr Fixed Senior Unsecured Notes due 10/30/56 and $1B 6.30% Long 40yr Fixed Senior Unsecured Notes due 10/30/66 (NYSE: T). These issues were rated Baa2/BBB/BBB+.

C.L. King Co-Manages $2.8 Billion TD Bank Bond Offering

C.L. King acted as Co-Manager for The Toronto-Dominion Bank in its $2.8B 3-tranche debt offering consisting of $1.25B 4.361% 3yr Fixed Senior Unsecured Notes due 4/23/29, $300M 3yr SOFR+76 Floating Senior Unsecured Notes due 4/23/29 and $1.25B 4.866% 7yr Fixed Senior Unsecured Notes due 4/23/33 (NYSE:TD). These issues were rated A2/A-/AA-.

C.L. King Co-Manages $10 Billion JPMorgan Bond Offering

C.L. King acted as Co-Manager for JPMorgan Chase & Co in its $10B 4-tranche debt offering consisting of $2.75B 4.408% 4NC3 Fixed to Floating Senior Unsecured Notes due 4/23/30, $500M 4NC3 SOFR+82 Floating Senior Unsecured Notes due 4/23/30, $3B 4.622% 6NC5 Fixed to Floating Senior Unsecured Notes due 4/23/32 and $3.75B 5.148% 11NC10 Fixed to Floating Senior Unsecured Notes due 4/23/37 (NYSE:JPM). These issues were rated A1/A/AA-.

C.L. King Co-Manages $6.5 Billion Goldman Sachs Bond Offering

C.L. King acted as Co-Manager for Goldman Sachs in its $6.5B 3-tranche debt offering consisting of $3B 4.594% 4NC3 Fixed to Floating Senior Unsecured Notes due 20/4/30, $500M 4NC3 SOFR+100 Floating Senior Unsecured Notes due 4/20/30 and $3B 5.094% 8NC7 Fixed to Floating Senior Unsecured Notes due 4/20/34 (NYSE:GS). These issues were rated A2/BBB+/A.

C.L. King Co-Manages Legence Corp. Follow-On Offering

C.L. King participated as Co-Manager in the follow-on offering of Legence Corp. The offering of 15,394,112 shares of its Class A common stock after exercising the greenshoe in full raised $831.3M and priced at $54.00 per share. The stock is listed on NASDAQ under the ticker LGN.

C.L. King Co-Manages $37 Billion Amazon Bond Offering

C.L. King Co-Manages $8 Billion HSBC Bond Offering

C.L. King acted as Co-Manager for HSBC Holdings PLC in its $8B SEC registered 4-part debt offering consisting of $2B 4NC3 4.398% Fixed-to-Floating Senior Unsecured Notes due 3/10/30, $1.25B SOFR+121 6NC5 Floating Senior Unsecured Notes due 3/10/32, $2B 6NC5 4.675% Fixed-to-Floating Senior Unsecured Notes due 3/10/32 and $2.75B 11NC10 5.279% Fixed-to-Floating Senior Unsecured Notes due 3/10/37 (NYSE: HSBC). These issues were rated A3/A-/A+.

C.L. King Co-Manages Medline Inc. Follow-On Offering

C.L. King participated as Co-Manager in the follow-on offering of Medline Inc. The offering of 86,250,000 shares of its Class A common stock after exercising the greenshoe in full raised $3.54B and priced at $41.00 per share. The stock is listed on NASDAQ under the ticker MDLN.

C.L. King Co-Manages $1.2 Billion Southern California Edison Bond Offering

C.L. King acted as Co-Manager for Southern California Edison Co in its $1.2B 2-part SEC registered debt offering consisting of $600M Tap of EIX 5.15% 6/1/29 First Mortgage Bonds and $600M 4.8% 7yr First Mortgage Bonds due 3/15/33 (NYSE: EIX). These issues were rated A2/BBB+/A-.

C.L. King Co-Manages $1.5 Billion Barclays Bond Offering

C.L. King acted as Co-Manager for Barclays PLC in its $1.5B 5.207% 11NC10 Fixed-to-Floating Senior Unsecured Notes due 2/24/37. This was part of a $4B 4-part SEC registered debt offering consisting of $1B 4.219% 4.25NC3.25 Fixed-to-Floating Senior Unsecured Notes due 5/24/30, $300M SOFR+93 4.25NC3.25 Floating Senior Unsecured Notes due 5/24/30, $1.2B 4.521% 6NC5 Fixed-to-Floating Senior Unsecured Notes due 2/24/32 and $1.5B 5.207% 11NC10 Fixed-to-Floating Senior Unsecured Notes due 2/24/37 (NYSE: BCS). These issues were rated Baa1/BBB+/A.

C.L. King Co-Manages $20 Billion and £5.5 Billion Alphabet Bond Offerings

C.L. King acted as Co-Manager for Alphabet Inc. in its $20B SEC registered 7-part debt offering consisting of $2.5B 3yr 3.7% Fixed Senior Unsecured Notes due 2/15/29, $3B 5yr 4.1% Fixed Senior Unsecured Notes due 2/15/31, $3B 7yr 4.4% Fixed Senior Unsecured Notes due 2/15/33, $4.25B 10yr 4.8% Fixed Senior Unsecured Notes due 2/15/36, $1.5B 20yr 5.5% Fixed Senior Unsecured Notes due 2/15/46, $4B 30yr 5.65% Fixed Senior Unsecured Notes due 2/15/56 and $1.75B 40yr 5.75% Fixed Senior Unsecured Notes due 2/15/66. Transaction was followed by a £5.5B SEC registered 5-part debt offering consisting of £750M 3yr 4.125% Fixed Senior Unsecured Notes due 2/13/29, £1.25B long 6yr 4.625% Fixed Senior Unsecured Notes due 11/13/32, £1.25B long 15yr 5.5% Fixed Senior Unsecured Notes due 11/13/41, £1.25B 32yr 5.875% Fixed Senior Unsecured Notes due 2/13/58 and £1B 100yr 6.125% Fixed Senior Unsecured Notes due 2/13/2126 (NASDAQ: GOOGL). These issues were rated Aa2/AA+.

C.L. King Co-Manages $5.25 Billion UBS Bond Offering

C.L. King acted as Co-Manager for UBS Group AG its $5.25B 144A/Reg S 4-part debt offering consisting of $2B long 4NC3 4.21% Fixed-to-Floating Senior Unsecured Notes due 4/10/30, $500M SOFR+84 long 4NC3 Floating Senior Unsecured Notes due 4/10/30, $1.25B 6.5NC5.5 4.588% Fixed-to-Floating Senior Unsecured Notes due 8/10/32 and $1.5B 11.5NC10.5 5.199% Fixed-to-Floating Senior Unsecured Notes due 8/10/37 (NYSE: UBS). These issues were rated A2/A-/A.

C.L. King Co-Manages $3 Billion JPMorgan Bond Offering

C.L. King acted as Co-Manager for JPMorgan Chase & Co in its $3B 11NC10 5.193% Fixed to Floating Rate Subordinated Notes due 2/5/37 (NYSE: JPM). This issue was rated A2/A-/A.

C.L. King Co-Manages $4 Billion Morgan Stanley Bond Offering

C.L. King acted as Co-Manager for Morgan Stanley in its $4B 5.073% 11NC10 Fixed to Floating Senior Unsecured Notes due 1/30/37. This was part of a $7B 3-part debt offering which also included $2.5B 4.213% 4NC3 Fixed to Floating Rate Senior Bank Notes due 2/8/30 and $500M SOFR+77 3a2 Floating Senior Bank Notes due 2/8/30 (NYSE:MS).
These issues were rated Aa3/A+/AA- and A1/A-/A+.

C.L. King Co-Manages $2.25 Billion US Bancorp Bond Offering

C.L. King acted as Co-Manager for US Bancorp in its $2.25B 2-part debt offering consisting of $1.25B 6NC5 4.481% Fixed to Floating Senior Unsecured Notes due 1/26/32 and $1B 11NC10 5.033% Fixed to Floating Senior Unsecured Notes due 1/26/37 (NYSE: USB). These issues were rated A3/A/A.

C.L. King Co-Manages $8 Billion Wells Fargo Bond Offering

C.L. King acted as Sr. Co-Manager for Wells Fargo & Co in its $8B 4-part debt offering consisting of $2B 4NC3 4.182% Fixed to Floating Senior Unsecured Notes due 1/23/30, $500M SOFR+74 4NC3 Floating Rate Senior Unsecured Notes due 1/23/30, $3.5B 11NC10 4.96% Fixed to Floating Senior Unsecured Notes due 1/23/37 and $2B 21NC20 5.433% Fixed to Floating Senior Unsecured Notes due 1/23/47 (NYSE: WFC). These issues were rated A1/BBB+/A+.

C.L. King Co-Manages Medline Inc. Initial Public Offering

C.L. King participated as Co-Manager in the initial public offering of Medline Inc. The offering of 248,439,654 shares of its Class A common stock after exercising the greenshoe in full raised $7.2B and priced at $29.00 per share. The stock is listed on NASDAQ under the ticker MDLN.