Core Viewpoint - First Quantum Minerals Ltd. is extending the Tender Offer for its outstanding 6.875% Senior Notes due 2027, with new dates for the Price Determination, Expiration, Guaranteed Delivery, and Settlement Dates [1][6][9]. Group 1: Tender Offer Details - The Tender Offer is aimed at purchasing all outstanding 6.875% Senior Notes due 2027, with the consideration for each $1,000 principal amount of Notes tendered being calculated based on a fixed spread plus the yield from a specified U.S. Treasury Reference Security [2][4]. - The new Price Determination Date is set for August 18, 2025, and the Expiration Date is also extended to the same date [1]. - Holders who validly tender their Notes will receive a cash amount equal to accrued and unpaid interest from the last interest payment date up to the Settlement Date [2][3]. Group 2: Refinancing and Redemption - The purpose of the Tender Offer is part of a refinancing transaction, where the company expects to issue new senior notes to fund the purchase of the existing Notes and redeem any not tendered [6][7]. - If not validly tendered, the company intends to redeem any remaining Notes on or after October 15, 2025, at a redemption price of 100.000% plus accrued interest [7][9]. - The company reserves the right to acquire any remaining outstanding Notes through various means if the Redemption does not occur [7][9]. Group 3: Conditions and Amendments - The completion of the Tender Offer is subject to the successful issuance of New Notes and satisfaction of certain financing conditions [9][10]. - The company retains the right to amend or waive conditions of the Tender Offer, extend the Expiration Date, or modify the terms of the offer [10][12].

Core Viewpoint - First Quantum Minerals Ltd. is extending the Tender Offer for its outstanding 6.875% Senior Notes due 2027, with new deadlines for various key dates related to the offer [1][2]. Group 1: Tender Offer Details - The Price Determination Date is extended to August 18, 2025, and the Expiration Date is also extended to August 18, 2025 [1]. - The Guaranteed Delivery Date is now August 20, 2025, and the expected Settlement Date is moved to August 21, 2025 [1]. - The consideration for each $1,000 principal amount of Notes tendered will be calculated based on a fixed spread plus the yield from a specified U.S. Treasury Reference Security [2]. Group 2: Notes and Redemption - The purpose of the Tender Offer is to acquire all outstanding Notes as part of a refinancing transaction, with plans to issue new senior notes [6]. - The Company intends to redeem any Notes not tendered in the offer on or after October 15, 2025, at a redemption price of 100.000% plus accrued interest [7]. - If 90% of the outstanding Notes are tendered, the Company can redeem all remaining Notes at the same price offered in the Tender Offer [8]. Group 3: Conditions and Management - The Tender Offer is subject to the successful completion of the New Notes Issuance, which must provide sufficient proceeds to fund the purchase of all outstanding Notes [9]. - The Company reserves the right to amend or waive conditions of the Tender Offer at its discretion [10]. - The Dealer Managers for the Tender Offer include J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BMO Capital Markets Corp., and Société Générale [12].

Core Viewpoint - First Quantum Minerals Ltd. has initiated a cash tender offer to purchase all outstanding 6.875% Senior Notes due 2027, with the offer set to expire on August 12, 2025 [1][2]. Tender Offer Details - The tender offer will expire at 5:00 PM New York City time on August 12, 2025, and the consideration for each $1,000 principal amount of notes tendered will be calculated based on a fixed spread plus the yield of a specified U.S. Treasury Reference Security [2]. - Holders who validly tender their notes will receive a cash amount equal to accrued and unpaid interest from the last interest payment date up to the Settlement Date [2][3]. - Notes can be withdrawn at any time prior to the Expiration Date, and any accepted notes will be canceled upon completion of the tender offer [3]. Financial Strategy - The purpose of the tender offer is part of a refinancing transaction, where the company expects to issue new senior notes to fund the purchase of the existing notes and redeem any not tendered [6]. - The company intends to redeem any notes not validly tendered on or after October 15, 2025, at a redemption price of 100.000% plus accrued interest [7]. - If at least 90% of the outstanding notes are tendered, all remaining holders will be deemed to have consented to the tender offer, allowing the company to redeem all remaining notes [8]. Conditions and Amendments - The tender offer is subject to the successful completion of the new notes issuance and other conditions outlined in the Offer to Purchase [9]. - The company reserves the right to amend or waive any conditions of the tender offer, extend the expiration date, or modify the terms of the offer [10].

Core Viewpoint - First Quantum Minerals Ltd. has initiated a cash tender offer to purchase all outstanding 6.875% Senior Notes due 2027 as part of a refinancing strategy [1][6]. Tender Offer Details - The tender offer will expire on August 12, 2025, at 5:00 PM New York City time [2]. - Holders of the notes will receive a cash amount based on a fixed spread plus the yield of a U.S. Treasury Reference Security, along with accrued interest [2][6]. - Notes can be withdrawn at any time before the expiration date, and accepted notes will be canceled upon completion of the tender offer [3]. Purpose and Financing - The tender offer aims to acquire all outstanding notes as part of a refinancing transaction, with plans to issue new senior notes [6]. - Proceeds from the new notes issuance are expected to fund the purchase of the tendered notes and redeem any notes not tendered [6][10]. - The company intends to redeem any notes not validly tendered after October 15, 2025, at a redemption price of 100% plus accrued interest [7][10]. Conditions and Amendments - The completion of the tender offer is subject to the successful issuance of new notes and satisfaction of financing conditions [10]. - The company reserves the right to amend or waive conditions of the tender offer, extend the expiration date, or modify the terms [11][10]. Additional Information - The company has engaged several financial institutions as dealer managers for the tender offer [13]. - Full details regarding the tender offer can be obtained from the company's Offer to Purchase [12].

Loan Refinancing - Refinancing Parent PLUS loans can help save money [1] - Refinancing Parent PLUS loans can reduce monthly payments [1] Resource - Learn how to refinance a Parent PLUS loan [1]

Financial Data and Key Metrics Changes - Cash basis NOI grew by 2.1% year over year and normalized FFO increased by 54% year over year [7] - Normalized FFO for Q2 2025 was $13,800,000 or $0.21 per share, representing a 54% increase compared to the same quarter last year [16] - NOI was reported at $87,600,000, with cash basis NOI at $84,700,000, both showing increases year over year and sequentially [17] - Interest expense decreased by $1,900,000 compared to the previous year, reflecting the impact of a lower interest rate cap [17] - The net debt to total assets ratio increased slightly to 69.9%, while the net debt coverage ratio remained unchanged at 12 times [18] Business Line Data and Key Metrics Changes - The portfolio consisted of 411 distribution and logistics properties across 39 states, totaling 60,000,000 square feet with a weighted average lease term of 7.6 years [7] - Leasing activity in Q2 totaled 171,000 square feet, with weighted average rental rates 21.1% higher than prior rates for the same space [8] - Year-to-date leasing activity is expected to increase annualized rental revenue by approximately $3,200,000, with one-third yet to be realized [8] Market Data and Key Metrics Changes - ILPT ended the quarter with an occupancy rate of 94.3%, exceeding the national industrial average by 170 basis points [12] - The leasing pipeline totals 7,800,000 square feet, with more than half related to renewal discussions for leases expiring in 2026 and 2027 [13] Company Strategy and Development Direction - The company is focused on evaluating opportunities to improve its balance sheet and reduce leverage, including potential asset sales to enhance liquidity [9] - A property was classified as held for sale at an attractive valuation of $50,000,000, with proceeds expected to partially repay a $700,000,000 fixed-rate mortgage loan [10] - The company remains committed to driving value through new and renewal leasing with strong economics [10] Management's Comments on Operating Environment and Future Outlook - Management believes ILPT is well-positioned to navigate current market conditions and capitalize on long-term fundamentals despite ongoing macroeconomic uncertainty [11] - The company expects normalized FFO for 2025 to be between $0.25 and $0.27 per share based on leasing activity and interest expense savings from refinancing [19] Other Important Information - The quarterly dividend was increased from $0.01 per share to $0.05 per share, reflecting confidence in the company's financial position [7][16] - The refinancing of $1,235,000,000 of floating rate debt into $1,160,000,000 of fixed rate debt is expected to yield annual cash savings of approximately $8,500,000 [15] Q&A Session Summary Question: Were there any one-time earnings this quarter? - A remediation payment of $50,000 related to a scheduled lease termination was noted as the only one-time item [22] Question: Are there plans to refinance the $1,400,000,000 JV debt? - The company is actively evaluating options for refinancing the JV debt [23] Question: Should more properties be expected for sale in the coming quarters? - While there are no immediate plans, the company is evaluating opportunities and may consider additional properties for disposition in the second half of the year or early 2026 [24] Question: What factors influenced the timing of the recent refinancing? - The refinancing was driven by the higher interest rate of the previous loan, and the company has time to evaluate options for the Mountain loans [32] Question: What is the current status of the leasing activity in the Hawaiian and Indiana properties? - There has been increased activity in the Indiana property, while the Hawaiian property remains status quo with no significant changes [38]

Market Resilience & Economic Outlook - The market and economy have shown resilience to higher tariff rates [1] - Strong employment continues, with inflation easing to the mid-2% range [3] - Credit markets are very strong, with significant refinancing activity at tight spreads [3] Interest Rates & Monetary Policy - There's a possibility of interest rate cuts, although some anticipate no cuts this year [2] - Markets are acting in a benign fashion [3] - The Federal Reserve's balance sheet has decreased from 40% to 22% of government debt, with continued sales of $40 billion per month, potentially easing conditions at the long end [7][8] Debt Market Activity - Approximately $45 billion in deals were announced on Monday, marking the fourth largest day or week in market history [4] - Companies are repricing deals with portable provisions, indicating strong investor demand [4][5] Consumer Impact - Approximately 87% of homeowners have mortgage rates well below current levels, impacting housing [8] - Roughly two-thirds of mortgages are 200 basis points below current financing rates, creating concern for consumers [8] Business Environment - Businesses are benefiting from the current environment and performing well [5] - Earnings revisions are trending upward, and unemployment remains low, creating a favorable environment for both equity and debt markets [6]

Financial Restructuring - KnowBe4, owned by Vista Equity Partners, is refinancing approximately $146 billion (146,000 million) of private debt [1] - The refinancing is occurring through the leveraged-loan market, aiming to reduce borrowing costs [1] Company Overview - KnowBe4 is an internet security platform [1]

Core Viewpoint - Amneal Pharmaceuticals, Inc. is seeking to raise $1.800 billion through new seven-year term B loans and $750 million through senior secured notes to refinance existing debts and manage related expenses [1][2]. Group 1: Financing Details - The net proceeds from the new term B loans and the notes will be used to refinance existing term B loans in full, repay part of the amounts borrowed under the ABL facility, and cover related fees and expenses [2]. - The notes will be guaranteed on a senior secured basis by the same subsidiaries that will guarantee the Term Loan Facility, and will not be guaranteed by Amneal itself [3]. - The notes will have a first-priority lien on collateral, excluding ABL priority collateral, and a second-priority lien on ABL priority collateral [3]. Group 2: Regulatory and Market Considerations - The proposed transactions are subject to market conditions and other factors, with no assurance on the completion or terms of the transactions [4]. - The notes will not be registered under the Securities Act of 1933 and will only be offered to qualified institutional buyers and non-U.S. persons [5]. Group 3: Company Overview - Amneal is a global biopharmaceutical company headquartered in Bridgewater, NJ, with a diverse portfolio of over 280 pharmaceuticals, primarily in the U.S. [7]. - The company is expanding its Affordable Medicines segment across various complex product categories and therapeutic areas, including injectables and biosimilars [7].

Transaction Overview - CVC Capital Partners initiates refinancing of its sports assets portfolio [1] - The portfolio is valued at over £9 billion, equivalent to $12 billion [1]