Core Points - abrdn Japan Equity Fund, Inc. has announced the results of its annual general meeting and special meeting, where stockholders approved the reorganization into abrdn Global Infrastructure Income Fund [1] - The reorganization involves transferring all assets of the Fund to the Acquiring Fund in exchange for newly issued common shares, with cash potentially distributed for fractional shares [2] - A cash tender offer will be conducted prior to the reorganization to purchase up to 50% of the issued shares at 98% of the Fund's net asset value [3] - The reorganization is expected to be completed in the fourth quarter of 2025, subject to customary closing conditions [4] - During the Annual Meeting, stockholders voted on the election of two Class II Directors and the continuation of one Class I Director [4][5] Voting Results - At the Special Meeting, 74.7% of outstanding shares were voted, with 10,016,314 votes in favor of the reorganization and 528,477 votes against [2][3] - In the election for Class II Directors, Alan Goodson received 12,223,657 votes for and Rose DiMartino received 12,211,238 votes for [5]

Core Viewpoint - Rogers Communications Inc. has announced cash offers to purchase outstanding notes up to a maximum of US$1,250,000,000, with specific terms and conditions outlined in the Offer to Purchase [1][2][10] Summary by Relevant Sections Offer Details - The Offers are subject to the terms and conditions set forth in the Offer to Purchase dated July 11, 2025, and the notice of guaranteed delivery [2] - The Offers will expire at 5:00 p.m. (Eastern time) on July 18, 2025, unless extended or terminated earlier [5] - Holders can withdraw their notes at any time before the expiration date [5] Total Consideration - The Total Consideration for each series of notes has been specified, with the highest being US$814.59 for the 4.350% Senior Notes due 2049 [3][4] - The Total Consideration is calculated based on the reference yield and spread over U.S. Treasury securities [4] Acceptance Priority Levels - Notes will be accepted based on the Acceptance Priority Levels, with no proration for any series of notes accepted [1][10] - The company reserves the right to increase or waive the Consideration Cap Amount at its discretion [10] Payment and Settlement - Holders whose notes are accepted will receive the Total Consideration in cash on the Settlement Date, expected to be July 23, 2025 [7][8] - In addition to the Total Consideration, holders will receive accrued and unpaid interest up to the Settlement Date [9] Dealer Managers and Agents - BofA Securities, Citigroup Global Markets, Mizuho Securities, and Wells Fargo Securities are acting as joint lead dealer managers for the Offers [11] - D.F. King & Co., Inc. is the Information and Tender Agent for the Offers [12] Company Overview - Rogers Communications Inc. is a leading communications and entertainment company in Canada, publicly traded on the TSX and NYSE [21]

Core Viewpoint - Unisys Corporation is conducting a tender offer to purchase its outstanding 6.875% Senior Secured Notes due 2027, with early results indicating a high participation rate from noteholders [1][5]. Tender Offer Highlights - As of June 25, 2025, 98.98% of the total $485 million principal amount of the Notes has been validly tendered [3][5]. - The total consideration for the Notes accepted for purchase is $1,006.25 per $1,000 principal amount, which includes an early tender premium of $30 [3][5]. - The early settlement date for the tendered Notes is expected to be June 27, 2025 [5]. Proposed Amendments - The company has received the necessary consents to adopt proposed amendments to the indenture governing the Notes, which will eliminate most restrictive covenants and certain default events [5][9]. - The amendments will also release all collateral securing the Notes and modify other provisions in the indenture [5][9]. Financing Transaction - Concurrently, the company plans to amend its existing asset-based revolving credit facility and issue $700 million of Senior Secured Notes due 2031 [8]. - Proceeds from this financing transaction will be used to pay for the tendered Notes and related expenses [8]. Additional Information - Holders can continue to tender their Notes until July 11, 2025, with a final settlement date expected on July 14, 2025 [10]. - The terms and conditions of the tender offer and consent solicitation are detailed in an Offer to Purchase and Consent Solicitation Statement dated June 11, 2025 [11].

Core Viewpoint - CMS Energy Corporation announced the pricing terms for a cash tender offer for up to $147.095 million aggregate principal amount of bonds issued by Consumers Energy Company, with the terms remaining largely unchanged from the previous announcement [1][5]. Tender Offer Details - The Total Consideration offered per $1,000 principal amount of the Bonds validly tendered is based on the reference yield plus a fixed spread, with an early tender payment of $30 included [2][4]. - The early tender date was set for June 17, 2025, and the tender offer is scheduled to expire on July 3, 2025 [7][8]. - CMS Energy intends to pay for the accepted Bonds using cash on hand, and the purchase will be subject to the satisfaction of all conditions outlined in the Offer to Purchase [5][6]. Bond Information - The Bonds involved in the tender offer include a 2.500% First Mortgage Bonds due in 2060, with a total consideration of $565.15 per $1,000 principal amount [3][4]. - The offer is subject to an Aggregate Tender Cap of $147.095 million, and no other series of bonds issued by Consumers will be purchased under this tender offer [3][6]. Payment and Settlement - Payments for Bonds purchased will include accrued and unpaid interest up to the early settlement date, currently scheduled for June 23, 2025 [7]. - The withdrawal deadline for the tendered Bonds was also set for June 17, 2025, after which no further withdrawals are allowed except under specific legal circumstances [7][8].

Core Viewpoint - CMS Energy Corporation has announced an upsized cash tender offer for its outstanding bonds, increasing the Aggregate Tender Cap from $125 million to $147.095 million, with a focus on the 2.500% First Mortgage Bonds due 2060 [1][2]. Summary by Sections Tender Offer Details - The Tender Offer is for up to $147.095 million of the 2.500% First Mortgage Bonds due 2060, with this amount being validly tendered and not withdrawn by the Early Tender Date of June 17, 2025 [1][2]. - The Series Tender Cap for the 2060 Bonds has been set at $147.095 million, which is the maximum amount that may be purchased in the Tender Offer [2]. Acceptance and Payment - The acceptance of the 2060 Bonds will depend on the Aggregate Tender Cap and the Series Tender Cap, meaning some bonds may be returned to holders based on overall participation [3]. - Holders of validly tendered 2060 Bonds will receive a Total Consideration, including an early tender payment of $30 per $1,000 principal amount, with accrued interest paid in cash [4]. Timeline and Conditions - The Tender Offer is set to expire on July 3, 2025, and CMS Energy does not expect to accept any bonds tendered after the Early Tender Date due to the exceeded Aggregate Tender Cap [5]. - Acceptance of the bonds is subject to certain conditions outlined in the Offer to Purchase, which CMS Energy may choose to waive at its discretion [6]. Management and Contact Information - U.S. Bancorp Investments, Inc. is the sole lead dealer manager for the Tender Offer, with D.F. King & Co. Inc. acting as the information and tender agent [6].

Core Viewpoint - Unisys Corporation is issuing $700 million in Senior Secured Notes due 2031 to finance a cash tender offer for its existing notes and other corporate purposes [1][3]. Group 1: Senior Secured Notes Offering - Unisys announced the pricing of $700 million aggregate principal amount of Senior Secured Notes due 2031 through a private offering [1]. - The Senior Secured Notes will bear an interest rate of 10.625% per year, payable semiannually starting January 15, 2026 [5]. - The offering is expected to close on June 27, 2025, subject to customary closing conditions [1]. Group 2: Tender Offer and Consent Solicitation - Concurrently, Unisys initiated a cash tender offer to purchase all outstanding $485 million of its 6.875% Senior Secured Notes due November 1, 2027 [2]. - The company is soliciting consents to amend the existing indenture governing the terms of the Existing Notes, aiming to eliminate restrictive covenants and certain events of default [2]. - The Tender Offer and Consent Solicitation are contingent upon the successful completion of the Senior Secured Notes offering [7]. Group 3: Use of Proceeds - The net proceeds from the Senior Secured Notes offering will be used to finance the Tender Offer and Consent Solicitation, redeem remaining Existing Notes, fund a portion of the long-term pension deficit, and for general corporate purposes [3]. Group 4: Security and Guarantees - The Senior Secured Notes will be guaranteed by material domestic subsidiaries of Unisys and secured by liens on substantially all assets of Unisys and the subsidiary guarantors [4].

Core Viewpoint - Warner Bros. Discovery, Inc. has received the necessary consents to adopt proposed amendments related to its cash tender offers and consent solicitations [1][2] Group 1: Tender Offers and Consent Solicitations - The consent expiration time was set for June 13, 2025, at 5:00 p.m. New York City time, during which valid tender instructions and consent only instructions were delivered [2][3] - Holders of tendered consent fee eligible notes that did not withdraw their tender instructions are eligible for a consent payment [8] - The offers and consent solicitations are subject to the conditions outlined in the Offer to Purchase and Consent Solicitation Statement [9] Group 2: Financial Details - The principal amount of various senior notes and their respective consent percentages were detailed, including: - 4.900% Senior Notes due 2026 with a principal amount of $650 million and 79.47% consents delivered [4] - 1.90% Senior Notes due 2027 with a principal amount of €600 million and 77.17% consents delivered [4] - 3.755% Senior Notes due 2027 with a principal amount of $4 billion and 94.52% consents delivered [4] - The company intends to exercise its early settlement right to settle all notes validly tendered by the early tender deadline of June 23, 2025 [12] Group 3: Legal and Management - J.P. Morgan Securities LLC and J.P. Morgan Securities plc are acting as lead dealer managers for the offers and consent solicitations [13] - Kirkland & Ellis LLP is serving as legal counsel to the issuers, while Simpson Thacher & Bartlett LLP is legal counsel to the dealer managers [13]

Core Viewpoint - Gerdau S.A. has completed its offer to purchase outstanding 4.875% notes due 2027, with all validly tendered notes accepted for purchase [1][3]. Offer Details - The offer was made for cash to purchase all outstanding 4.875% notes due 2027, guaranteed by Gerdau and its subsidiaries [1]. - The offer expired on June 9, 2025, at 5:00 p.m. New York City time [3]. - A total principal amount of US$418,244,000 was outstanding, with US$237,646,000 tendered [2]. - The consideration for the notes accepted was US$1,007.83 per US$1,000 principal amount [2]. Settlement Information - Settlement of the offer is expected to occur within three business days following the expiration date, specifically on June 12, 2025 [4]. Additional Information - Gerdau Trade has engaged several financial institutions, including BofA Securities, Goldman Sachs, J.P. Morgan, and Morgan Stanley, to act as dealer managers for the offer [6]. - Further details regarding the offer can be found in the Offer Documents available through the designated tender agent [5].

Core Points - Bread Financial Holdings, Inc. announced a cash tender offer for its 9.750% Senior Notes due 2029, with approximately $536,786,000 validly tendered by the Early Participation Date [1][3] - The company plans to accept up to $150,000,000 in aggregate principal amount of the Notes, resulting in a Total Consideration of $1,071.25 for each $1,000 principal amount of Notes accepted [1][5] - The Tender Offer includes an early participation amount of $50.00 per $1,000 principal amount of Notes for those who tendered by the Early Participation Date [3][5] Tender Offer Details - The total outstanding principal amount of the 9.750% Senior Notes is $900,000,000, with $536,786,000 tendered as of the Early Participation Date [2] - The expected total consideration for the accepted Notes includes the early participation amount and accrued interest [3][5] - The company anticipates settlement of the accepted Notes on June 9, 2025, subject to the conditions set forth in the Offer to Purchase [7] Proration and Acceptance - Due to the Tender Cap being exceeded, the company will accept Notes on a prorated basis, with an expected proration factor of approximately 77.538% for those tendered at the Clearing Premium [7] - Notes tendered at a Bid Price resulting in a Bid Premium exceeding the Clearing Premium will not be accepted [7] Dealer Managers - J.P. Morgan Securities LLC is the sole lead dealer manager for the tender offer, with several co-dealer managers assisting in the process [8]

Core Viewpoint - CMS Energy Corporation has initiated a cash tender offer for up to $125 million of outstanding bonds issued by Consumers Energy Company, with specific terms and conditions outlined in the Offer to Purchase [1][6]. Summary by Relevant Sections Tender Offer Details - The tender offer is for an aggregate principal amount of $125 million of the bonds, subject to acceptance priority levels and series tender caps [4][10]. - The tender offer will expire at 5:00 p.m. New York City time on July 3, 2025, with an early tender date of June 17, 2025, for holders to receive total consideration [6][11]. Bonds Information - The bonds involved include various series with different interest rates and maturity dates, such as: - 2.500% First Mortgage Bonds due 2060 with an outstanding amount of $525 million [3]. - 2.650% First Mortgage Bonds due 2052 with an outstanding amount of $300 million [3]. - 3.100% First Mortgage Bonds due 2050 with an outstanding amount of $550 million [3]. - 3.250% First Mortgage Bonds due 2046 with an outstanding amount of $450 million [3]. - 3.500% First Mortgage Bonds due 2051 with an outstanding amount of $575 million [3]. Consideration and Payments - Total consideration for bonds validly tendered before the early tender date will include an early tender payment, calculated based on fixed spreads and U.S. Treasury reference yields [5][8]. - Holders of bonds accepted for purchase will receive accrued and unpaid interest from the last interest payment date up to the settlement date [7]. Acceptance Priority Levels - Bonds will be accepted based on their acceptance priority levels, with the highest priority given to those tendered before the early tender date [10]. - If the aggregate principal amount of any series exceeds the aggregate tender cap, proration may occur [10]. Additional Information - U.S. Bancorp Investments, Inc. is acting as the dealer manager for the tender offer, and D.F. King & Co. Inc. is the information and tender agent [15]. - The company reserves the right to amend the tender offer, including increasing or decreasing the aggregate tender cap [4][14].