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].