EFTA Document EFTA01385384

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Top Picks TIC Unsecuieds We rate THC's unsecured bonds Buy. We believe existing yield on the unsecureds compensate investors for the risks in the story. At an offer price of 96, the 6.75% unsecured bonds of 2023 trade at a YTVV of 7.66%. Given these bonds are non-callable, if THC refinanced this tranche 1.5 years prior to maturity the yield-to-most-likely (YTML) would be 9.21%. We believe if THC sold Conifer t