Core Viewpoint - Xometry, Inc. successfully closed a $250 million offering of 0.75% Convertible Senior Notes due 2030, enhancing its financial flexibility and supporting its growth initiatives in the manufacturing sector [1][2]. Transaction Overview - The offering included the full exercise of an option for an additional $25 million, aimed at qualified institutional buyers under Rule 144A of the Securities Act [1][3]. - The proceeds will be used to retire approximately $202 million of existing convertible notes due in 2027, effectively refinancing the company's debt at improved terms [4][5]. - The transaction lowers the coupon rate to 0.75% and minimizes potential future dilution for equity shareholders with a 75% conversion premium over the market price on the transaction date [2][4]. Financial Details - The Notes have an interest rate of 0.75% per annum, payable semiannually starting December 15, 2025 [5]. - The initial conversion rate is set at 21.2495 shares of Class A common stock per $1,000 principal amount of Notes, with a conversion price of approximately $47.06, representing a 30% premium to the last reported sale price [5]. - A capped call hedge was purchased with a cap price of $63.35, which is a 75% premium over the last reported sale price on June 9, 2025 [4][5]. Use of Proceeds - Approximately $216.7 million in cash was utilized to repurchase about $201.7 million of outstanding 1.00% Convertible Senior Notes due 2027 [5]. - Around $17.5 million of the net proceeds funded the cost of capped call transactions, and approximately $8 million was used to repurchase 220,994 shares of common stock [5]. Company Background - Xometry operates an AI-powered marketplace that is digitizing the manufacturing industry, providing critical resources for manufacturers and facilitating instant pricing and lead times for buyers [8].

Core Viewpoint - Clarivate Plc has successfully completed an incremental upsize of its term loan B credit facility, taking advantage of improved credit market conditions to extend the maturity of its 2026 debt [1][3]. Financial Summary - The company incurred a new $500 million tranche of incremental term loans maturing in 2031, with an interest rate margin of 325 basis points per annum, and these loans will not be subject to amortization [2]. - The proceeds from the new term loans were used to redeem $500 million of the outstanding 4.50% senior secured notes due 2026, leaving $200 million of the notes remaining outstanding after the partial redemption [2]. Management Commentary - The Executive Vice President and Chief Financial Officer of the company expressed satisfaction with the ability to extend the majority of the 2026 debt maturity, highlighting the company's strong cash flow and flexibility in capital allocation moving forward [3].

Core Viewpoint - Carnival Corporation has successfully closed a private offering of $1.0 billion in senior unsecured notes, which will be used to redeem existing higher-interest debt, thereby reducing interest expenses and managing future debt maturities [1][2]. Group 1: Notes Offering Details - The offering consists of $1.0 billion aggregate principal amount of 5.875% senior unsecured notes due in 2031 [1]. - The proceeds will be utilized to redeem $993 million of 7.625% senior unsecured notes due in 2026, with the redemption scheduled for May 22, 2025 [1][2]. - The company anticipates a reduction in net interest expense exceeding $20 million through this transaction and a prior partial redemption of $350 million of the 2026 Unsecured Notes [2]. Group 2: Financial Structure and Guarantees - The new notes will pay interest semi-annually at a rate of 5.875%, starting December 15, 2025, and will mature on June 15, 2031 [3]. - The notes will be unsecured and guaranteed on a senior unsecured basis by Carnival plc and certain subsidiaries [3]. Group 3: Regulatory and Offering Conditions - The notes were offered only to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S [4]. - The notes will not be registered under the Securities Act and cannot be sold in the U.S. without registration or an exemption [5]. Group 4: Company Overview - Carnival Corporation & plc is recognized as the largest global cruise company and one of the largest leisure travel companies, operating a portfolio of well-known cruise lines [7].

Financial Data and Key Metrics Changes - The company generated record quarterly revenue of $151 million, up 13% compared to the same period last year [3][12] - Adjusted EBITDA for Q1 was $73 million, consistent with both the same period of 2024 and Q4 [4][12] - Net income attributable to stockholders was $27 million, the highest quarterly net income in the last three years [15] - Basic earnings per share were 39 cents, with adjusted net income of $25.5 million or 37 cents per share [15] Business Line Data and Key Metrics Changes - Income from the joint venture terminal was down significantly, with throughput limited to 86,000 tonnes for the quarter [6][14] - Average time charter equivalent (TCE) rates were $30,476 per day, 8% higher than both the previous quarter and the same period last year [5][12] - Utilization was above 92%, in line with guidance and higher than both Q4 of 2024 and the same period last year [6][12] Market Data and Key Metrics Changes - The U.S. ethylene prices fell from $660 per metric ton to $440 per metric ton, leading to increased throughput volumes in April [40] - The tariff situation fluctuated, with China dropping the ethane tariff from 125% to 1%, which positively impacted market activity [26][27] - The global Handysize vessel supply remains attractive, with 22% of vessels over 20 years old [10][34] Company Strategy and Development Direction - The company is focused on fleet renewal, having acquired three secondhand ethylene-capable vessels and sold older vessels [7][43] - A new share repurchase program of up to $50 million has been authorized to enhance shareholder returns [36][38] - The company aims to maintain strong cash flows and return capital to shareholders while managing debt effectively [45][46] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in demand fundamentals, citing continued growth in U.S. natural gas liquids production and export infrastructure [46] - The company anticipates materially higher terminal throughput in Q2 and a widening ethylene arbitrage [47] - Management acknowledged recent market volatility but remains optimistic about recovery and operational resilience [45][46] Other Important Information - The company reported a strong cash position of $139 million despite various expenditures [15][16] - The refinancing of $300 million was completed successfully, enhancing liquidity and reducing financing costs [17][19] - The company plans to continue investing in energy and fuel-saving initiatives [22] Q&A Session Summary Question: What happened to cargo opportunities during the trade standstill with China? - Management noted that LPG is a deep market, allowing for trades to other regions, and some trades were successfully redirected to the Middle East [51][52] Question: Will the realized rates soften in the second quarter? - Management indicated that increased volumes in the second quarter could lead to a positive impact on rates, despite the previous focus on shorter voyages [54][55] Question: What is the timing for putting debt on the terminal project? - Management stated that while it is on the list, it is not an immediate priority as they focus on repaying more expensive bank debt first [58] Question: How will the new buyback program be deployed? - The company plans to utilize the buyback program in the near term, with parameters in place for execution [62] Question: Has market volatility changed the chartering strategy? - Management confirmed that they are looking to increase their coverage percentage in response to market conditions [64]

Core Viewpoint - Sodexo Inc. plans to issue benchmark-sized US dollar-denominated notes and conduct a cash tender offer for its existing 1.634% senior notes due 2026 to refinance existing debt and extend its debt maturity profile [1][3]. Group 1: Debt Issuance and Tender Offer - The new notes will be guaranteed by Sodexo S.A. and the tender offer is expected to expire on May 22, 2025, unless extended or terminated earlier [1]. - The allocation of the new notes will prioritize holders of the 2026 notes who participate in the tender offer [2]. - The tender offer is contingent upon the successful completion of the new notes issuance [2]. Group 2: Company Overview - Sodexo, founded in 1966, is a global leader in sustainable food and facilities management services, aiming to improve quality of life and contribute to social and environmental progress [4]. - As of August 31, 2024, Sodexo reported consolidated revenues of €23.8 billion and employed 423,000 people across 45 countries, serving 80 million consumers daily [7]. - The company has a market capitalization of €8.5 billion as of April 3, 2025 [7].

Core Viewpoint - Carnival Corporation & plc is executing a private offering of $1.0 billion in senior unsecured notes at a 5.875% interest rate, aimed at redeeming $993 million of its existing higher-interest unsecured notes due in 2026, thereby reducing interest expenses and managing future debt maturities [1][2]. Group 1: Notes Offering Details - The Notes Offering will close on May 21, 2025, with the redemption of the 2026 Unsecured Notes expected to occur on May 22, 2025, contingent upon the closing of the Notes Offering [3]. - The new notes will pay interest semi-annually starting December 15, 2025, and will mature on June 15, 2031 [4]. Group 2: Financial Impact - The transaction is projected to reduce net annual interest expenses by over $20 million until the maturity date of the 2026 Unsecured Notes, following a previous partial redemption of $350 million earlier in the year [2]. - The new notes will be governed by investment grade-style covenants, enhancing the financial stability of the company [2]. Group 3: Company Overview - Carnival Corporation & plc is recognized as the largest global cruise company and one of the largest leisure travel companies, operating a diverse portfolio of cruise lines [8].

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $21.8 million, down from $24.5 million in the prior year, aligning with the higher end of guidance [7][11] - Gross margin decreased to 56% from 60.3% in Q1 2024 [8][15] - Operating loss was $49.7 million compared to a loss of $2.3 million in Q1 2024, primarily due to a goodwill impairment charge [9][10] - Adjusted EBITDA was $800,000, down from $1.6 million in the previous year [10][16] - Cash flow from operations improved to $3 million from $1.4 million in Q1 2024 [17] Business Line Data and Key Metrics Changes - Revenue in The Americas declined 5.4% sequentially and 9.4% year-over-year [12] - European revenue decreased 29% sequentially and 9% year-over-year [13] - APAC revenue increased 6.6% sequentially but was down 17% compared to the prior year [14] Market Data and Key Metrics Changes - The Americas faced slow sales due to budget clarity issues in academic and NIH funding [12] - Europe experienced a decline in cellular and molecular sales, although growth was noted in cell-based testing [13] - APAC market showed signs of improvement but anticipated challenges due to tariff announcements [14] Company Strategy and Development Direction - The company is focusing on expanding adoption of new products while continuing to lower costs, with an expected reduction in operating expenses by an additional $1 million per quarter starting Q2 2025 [26] - New product introductions are categorized into base business, electroporation and bioproduction systems, and MEA/organoid systems, with a strong pipeline of industrial and academic customers [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about NIH funding and the impact of tariffs on revenue, particularly in China, which constitutes about 10% of total revenue [54] - The company expects Q2 revenue to be in the range of $18 million to $20 million, with gross margin projected between 55% and 57% [26] Other Important Information - A non-cash goodwill impairment charge of $48 million was recorded due to a decrease in market capitalization [10][30] - The company is in the process of refinancing its debt facility, with indications of interest from multiple providers [18][46] Q&A Session Summary Question: Can you elaborate on the impairment charge? - Management explained that the impairment was due to a drop in market capitalization, necessitating a reassessment of goodwill using a DCF approach, leading to a $48 million non-cash charge [30] Question: What about the bioproduction business and CAR T therapy? - Management confirmed that the BTX system is being used by a domestic customer for CAR T therapy development, indicating strong traction in the bioproduction space [31][32] Question: How is the MEA product line performing amid NIH funding uncertainties? - Management noted strong interest in the MEA product line, particularly from academic researchers, despite a slowdown in purchasing processes due to NIH budget cuts [34][35] Question: Will BTX technology compete with MaxSight? - Management indicated that while they could potentially compete, their strategy focuses on early adopters and a razor-razor blade model rather than high-volume applications [40][41] Question: Will animal testing slow down? - Management affirmed that animal testing will continue to be necessary for safety and efficacy verification, although organoids may reduce the need for large animal populations in early testing [43][45] Question: What are the refinancing terms? - Management stated that the refinancing will be more expensive than commercial debt, with a term likely around four to five years [46][49]

Core Viewpoint - Carnival Corporation & plc has initiated a private offering of new senior unsecured notes totaling $1.0 billion, aimed at refinancing existing debt and reducing interest expenses while managing future debt maturities [1][2]. Group 1: Notes Offering Details - The new notes are expected to mature in 2031 and will replace the existing $993 million 7.625% senior unsecured notes due in 2026 [1]. - The company plans to use the net proceeds from the notes offering to fund the redemption of the 2026 Unsecured Notes, which is set to occur on or about May 22, 2025 [2]. - The indenture governing the new notes is anticipated to include investment grade-style covenants [1]. Group 2: Redemption Process - A conditional notice of redemption has been issued for the entire outstanding principal amount of the 2026 Unsecured Notes, with the redemption price set at 100% of the principal plus accrued interest [2]. - The redemption is contingent upon the successful closing of the notes offering [2]. Group 3: Company Overview - Carnival Corporation & plc is recognized as the largest global cruise company and one of the largest leisure travel companies, operating a portfolio of well-known cruise lines [6].

Core Viewpoint - Opendoor Technologies is facing significant financial challenges, as evidenced by its recent decision to refinance convertible debt and take on new debt, indicating struggles to achieve profitability [1][4]. Group 1: Debt Refinancing Details - The company is refinancing $245.8 million in 2026 notes with new notes due in 2030, carrying an interest rate of 7% [2]. - Additionally, Opendoor is raising $79.2 million in new debt at the same interest rate of 7% [2]. Group 2: Conversion and Market Impact - The conversion price for the new debt is set at $1.57 per share, representing an 80% premium to the closing price prior to the announcement, which could lead to significant dilution if bondholders convert [3]. - Opendoor's current market capitalization stands at $515.8 million, highlighting the potential impact of dilution on shareholder value [3]. Group 3: Financial Position and Future Outlook - The company ended the first quarter with $559 million in cash but has reported a substantial cash burn rate, losing $696 million in operating cash flow over the last four quarters [5]. - While the refinancing may provide some financial flexibility, it underscores the company's weak financial position and the increasing difficulty in achieving profitability, especially in a challenging housing market [4].

Financial Data and Key Metrics Changes - The company reported a first-quarter loss per share of $0.22, which is an improvement compared to the consensus EPS estimate, despite a preferred stock dividend impact of $0.18 and a $4 million restructuring charge that increased the loss by $0.04 per share [13][14][24] - Total debt at the end of the quarter was $2.6 billion, with a net leverage ratio of 4.9 times, which the company expects to reduce throughout the year [13][14][24] Business Line Data and Key Metrics Changes - Local Media division revenue decreased by 7.8% year-over-year, with core advertising revenue down 3% due to hesitancy in advertising spending amid economic uncertainty [7][8] - Scripps Networks revenue was $198 million, down about 5% from the previous year, but Connected TV revenue increased by 42% [10][11] - Local Media segment profit was $35 million, down from $66 million in Q1 2024, while Scripps Networks segment profit rose to $64 million from $49.7 million year-over-year [8][12] Market Data and Key Metrics Changes - The company expects Local Media division revenue to decline in the high single-digit range for Q2, with core revenue down in the low single-digit range due to ongoing economic uncertainties [9][12] - Advertising categories such as automotive and retail were the worst performers in Q1, while gambling advertising saw growth tied to local sports deals [42][44][75] Company Strategy and Development Direction - The company is focused on debt reduction and improving its balance sheet, with a commitment to using free cash flow for debt repayment [14][15] - Management anticipates local broadcast industry consolidation, which could enhance growth and efficiency in local markets [17][18] - The company is leveraging its local news and sports programming to strengthen connections with audiences and advertisers, aiming to create shareholder value [19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to navigate economic uncertainties and highlighted strong performance in Connected TV and disciplined expense management [6][16] - The company is preparing for potential regulatory changes that could allow for greater consolidation and operational leverage in local markets [24][60] Other Important Information - The company completed refinancing transactions that improved its debt maturity profile and only slightly increased its blended cost of debt [14][15] - The company has received multiple prestigious journalism awards, reinforcing its commitment to quality news reporting [19][20] Q&A Session Summary Question: How is Scripps positioned to take advantage of regulatory changes? - Management believes that greater scale and market depth are necessary for performance and plans to leverage opportunities from potential regulatory changes [26][27] Question: What visibility does the company have on performance in the back half of the year? - Management indicated that while there is excitement around women's sports, concrete details from upfronts will be clearer in the next earnings call [30][31] Question: How did advertising categories perform in Q1? - Automotive and retail were the worst performers, while gambling advertising saw growth due to local sports deals [42][44] Question: What is the outlook for retransmission revenues? - Management confirmed that retransmission subscribers were down mid-single digits year-over-year, consistent with previous trends [52][53] Question: What is the expected impact of deregulation on the ION side of the business? - Management anticipates that changes in ownership rules could allow for more local stations, improving margins for ION [69][70] Question: What is the expected cash balance post-refinancing? - The company had $25 million in cash at the end of the quarter, with expectations to reduce revolver balances by the end of the year [93][96]