SJM International Limited(公司全资附属公司，新票据发行人)同时开展由公司担保的优先票据的发售(该 项发售称作"同步新资金发行")。同步新资金发行并不属于购买要约的一部分，而是根据一份单独的发 售备忘录进行。要约受若干条件规限，其中包括同步新资金发行已成功完成。 智通财经APP讯，澳博控股(00880)公布，2026年票据于联交所上市。于本公告日期，本金总额5亿美元 的2026年票据仍发行在外。2026年票据发行人现提出根据购买要约所载条款并在其所载条件的规限下， 按2026年票据每1000美元本金额1000美元的购买价(受购买要约所载要约限制的规限)，以现金购买任何 及所有有效交付 的2026年票据的要约。 2026年票据发行人已于今日向合资格持有人提供购买要约，当中载列(其中包括)要约的条款及条件。要 约旨在收购已发行2026年票据的任何及所有本金总额，作为公司及其附属公司现有债务的部分再融资。 德意志银行新加坡分行担任独家交易商管理人，而Kroll Issuer Services Limited担任要约的资讯及交付代 理。 ...

智通财经APP讯，澳博控股(00880)公布，发行人(公司的全资附属公司)拟议进行票据 的国际发售，该等 票据乃依据美国证券法S规例仅向美国境外的非美籍人士发售及出售，并将自2026年1月5日起或前后举 行一系列固定收益投资者会议及电话会议。票据(倘发行)将受益于公司提供的不可撤回及无条件担保。 倘发行票据，公司拟将拟议发售的所得款项净额用作集团的现有债务再融资及一般公司用途。 ...

David R. Little, Chairman and Chief Executive Officer remarked, “We are pleased to complete another successful refinancing, reinforcing DXP’s strong financial foundation. Building on this momentum, we aim to close the year with strength and accelerate growth in 2026. Our capital allocation strategy remains disciplined—prioritizing investments that drive growth, applying excess cash flow to debt reduction when appropriate, and reinvesting in facilities, equipment, and technology to enhance our competitive po ...

Inotiv (NasdaqCM:NOTV) Q4 2025 Earnings Call December 03, 2025 04:30 PM ET Company ParticipantsBob Leasure - CEO, President, and DirectorBeth Taylor - EVP and CFOSteve Halper - Head of Investor RelationsConference Call ParticipantsDavid Windley - AnalystFrank Takkinen - Senior Research AnalystMatt Hewitt - Senior AnalystSteve HalperLadies and gentlemen, thank you for your continued patience. Your meeting will begin shortly. If you do need any operator assistance today, please press star zero, and a member o ...

Financial Data and Key Metrics Changes - For Q4 fiscal 2025, total revenue was $138.1 million, an increase of $7.7 million or 5.9% compared to Q4 fiscal 2024, primarily driven by the DSA segment [9][18] - For fiscal year 2025, total revenue was $513 million, an increase of $22.3 million or 4.5% compared to $490.7 million for fiscal 2024 [9][18] - The overall operating loss for Q4 fiscal 2025 decreased to $6.8 million from $13.2 million in Q4 fiscal 2024 [21] - Consolidated net loss attributable to common shareholders in Q4 fiscal 2025 totaled $8.6 million or a $0.25 loss per diluted share, compared to a loss of $18.9 million or $0.73 per diluted share in Q4 fiscal 2024 [26] Business Line Data and Key Metrics Changes - DSA revenue for Q4 fiscal 2025 was $51.6 million, a 15.7% increase year-over-year, driven by discovery and translational science services [19][20] - RMS revenue for Q4 fiscal 2025 was $86.5 million, an increase of $700,000 or 0.8% compared to Q4 fiscal 2024 [20] - DSA backlog was $138.2 million at September 30, 2025, compared to $129.9 million at September 30, 2024 [19] Market Data and Key Metrics Changes - The book-to-bill ratio for DSA for Q4 fiscal 2025 was 1.08 to 1, indicating strong demand [19] - DSA cancellations and negative change orders in Q4 fiscal 2025 were approximately 29% lower compared to the prior year [20] Company Strategy and Development Direction - The company aims to improve DSA revenue and margins while continuing RMS site consolidation to reduce costs [6][9] - The plan includes closing 13 RMS facilities over three years to modernize operations and improve efficiency [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds from a cybersecurity incident but expressed satisfaction with the recovery and ongoing demand [7][16] - The company remains optimistic about maintaining revenue growth and improving margins in the upcoming quarters [37][41] Other Important Information - The company engaged Perella Weinberg Partners for financial advisory services to explore debt refinancing alternatives [8] - Cash from operations in Q4 fiscal 2025 was $14.3 million, increasing the cash balance to $21.7 million [16][27] Q&A Session Summary Question: What were the headwinds faced in the quarter? - The major headwind was a cybersecurity incident that caused additional expenses and operational challenges, though the company managed to achieve significant awards despite this [31][32] Question: What are the quarter-to-date trends regarding ordering patterns? - The company typically sees a slowdown during the holiday season, but recent quoting activity has been encouraging, with a focus on cost reduction in the RMS business [35][36] Question: How is the company positioned regarding FDA guidance on animal models? - The company has minimal exposure to monoclonal antibodies and does not anticipate significant impacts from the FDA's new guidance [39][40] Question: What are the expectations for customer budgets in the upcoming year? - The company is seeing an increase in quoting activity and anticipates a substantial increase in bookings, indicating a positive outlook for next year's budgets [41] Question: How quickly can studies start for clients? - The company can typically start smaller studies within weeks, while larger animal safety assessments may take three to nine months [42]

Havila Kystruten AS ("Havila Kystruten" or the "Company") announces that the previously disclosed EUR 456 million refinancing has now been completed. Closing took place on 24 November 2025 following satisfaction of all customary conditions. The refinancing has been implemented through a 15-year financial lease facility provided by a subsidiary of Havila Holding AS. All outstanding bond debt and shareholder loans have been fully repaid at closing, and no new equity or convertible instruments have been issued ...

Financial Data and Key Metrics Changes - Fundings for the last quarter totaled $126.6 million, with net originations at $103.1 million, while exits and prepayments declined to $23.5 million [4] - Interest income rose 14% to $23.8 million, driven by a 16.2% increase in average earning assets, although the weighted average portfolio yield declined by 30 basis points to 12.5% [4][9] - Net investment income for the period was $11.4 million, with net realized losses of $6.3 million related to the exit of FES Resources [5][9] - Total assets increased to $908 million, with net assets rising to $482 million, and NAV per share increased from $21.25 to $21.34 [10][11] Business Line Data and Key Metrics Changes - The portfolio turnover did not materially impact the investment mix, with new originations predominantly in first lien debt, which rose to 72% of the portfolio's fair value [5] - PIC income increased to $2 million, representing 8.4% of interest income, largely from two recent investments [6] Market Data and Key Metrics Changes - The company experienced a significant increase in fair value of the investment portfolio by $63 million for the fiscal year, despite challenges in fiscal 2025 [6][7] - The company maintained a conservative leverage position with net debt at 82.5% of NAV [8] Company Strategy and Development Direction - The company continues to focus on investing in growth-oriented lower middle market businesses, supporting mid-sized private equity funds [15] - The strategy includes expanding private equity sponsor relationships and positioning as the lead lender in most deals [7][15] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the lower middle market remaining insulated from spread erosion and leverage escalation [7] - The company is well-positioned to increase investments as new private equity platforms seek growth through acquisitions [7] Other Important Information - Monthly distributions for November and December will be $0.15 per common share, with an annual run rate of $1.80 per share [11] - The company is considering share repurchases due to the stock price being at a discount [33] Q&A Session Summary Question: Update on the pipeline and mix of new versus add-on opportunities - The company is tracking approximately $100 million of potential volume, with a mix of new and follow-on acquisition opportunities [20][21] Question: Decline in portfolio yield - The decline was primarily due to lower base rates, with new deals still maintaining attractive spreads [25][26] Question: Consideration of share repurchases - The company is tempted to consider share repurchases given the stock price and low leverage [33] Question: Dividend reduction reasoning - The reduction was a proactive measure to maintain financial flexibility in light of potential rate compressions [39][41] Question: Outlook for elevated repayment activity - Management believes that while some larger transactions may turn over, the overall portfolio remains stable, and they are not overly concerned about repayment activity [46][48] Question: Credit concerns in the portfolio - Management noted that while there are some challenges in certain businesses, the overall leverage position remains secure [49][51]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 were $10.3 million, showing improvement compared to both the first two quarters of 2025 and Q3 2024 [5] - Gross profit was $2.3 million, representing 22.3% of sales, indicating strong improvement due to cost reduction initiatives [5] - Operating income was $316,000, and net loss for the quarter was $44,000, or $0.01 per share, compared to a loss of $404,000 in Q3 2024 [5] - Adjusted EBITDA for the nine months ended September 30th was $2.7 million, up nearly 5% from the prior year [5] - Total debt increased by approximately $2.4 million [6] Business Line Data and Key Metrics Changes - Inventory increased by $5.6 million, reflecting investment in work in process inventory and materials for future deliveries [6] - Accounts receivable decreased by $2.1 million, while accounts payable increased by approximately $2 million [6] Market Data and Key Metrics Changes - The company continues to benefit from strong backlog levels and healthy demand from both existing and new customers [7] Company Strategy and Development Direction - The company is focused on execution, cost control, and driving shareholder value [7] - Ongoing discussions with lenders regarding potential refinancing or extension of obligations are in progress [3][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the core business and anticipates a strong finish to fiscal 2025 with continued momentum into 2026 [7][8] Other Important Information - The consolidated balance sheet reflects all credit facility and subordinated debt as current, with the credit facility maturing at the end of December 2025 and related party subordinate notes maturing on July 1, 2026 [3][4] Q&A Session Summary - No questions were posed during the Q&A session, and the call concluded with management thanking participants for their interest [9][10]

Economic Concerns - Mohamed El-Erian expresses significant concerns regarding the financial health of low-income consumers and the potential refinancing of substantial debt in the coming years, indicating these as potential pressure points for the economy [1] Low-Income Consumer Spending - Low-income households are experiencing immense financial pressure, leading to reduced spending, which could have a cascading effect on the broader economy. This group has faced rising inflation and increasing debt burdens, with inflation growth outpacing post-tax wage increases since the beginning of the year [1][2] - The total household debt in the U.S. increased by $197 billion in Q3, reaching $18.5 trillion, further exacerbating the financial strain on consumers [1] Employment Market Concerns - There are signs of weakness in the labor market, with October witnessing the worst layoff wave in over two decades. Additionally, concerns about job displacement due to artificial intelligence are growing among the workforce [1] Debt Refinancing Pressures - Both public and private sectors in the U.S. have accumulated significant debt, much of which may need to be refinanced at higher interest rates, posing risks to borrowers. This issue is particularly pronounced in commercial real estate, where a substantial amount of loans obtained at lower rates during the pandemic are maturing [3] - By the end of 2026, over $210 billion in commercial mortgage-backed securities (CMBS) related to office loans will mature, indicating potential refinancing challenges [3] Signs of Borrower Distress - There are increasing signs of borrower distress, with delinquency rates on commercial bank loans steadily rising over the past two years. Additionally, corporate bankruptcies surged to a five-year high this summer [3] Systemic Risk Assessment - Despite these pressures, El-Erian does not foresee a financial or credit crisis akin to past events, suggesting that while there may be economic "accidents," systemic shocks are unlikely. He likens the situation to "cockroaches" that appear in clusters but do not undermine the entire system [4]

Group 1 - The annual issuance of U.S. investment-grade corporate bonds has reached the second-highest level on record, totaling $1.499 trillion, slightly surpassing last year's $1.496 trillion [1] - The favorable financing environment is driven by strong investor demand and global central banks lowering policy rates, although issuance is unlikely to reach the historical peak of $1.75 trillion in 2020 [1] - Global bond issuance has surpassed $6 trillion for the first time this year, setting a historical record [4] Group 2 - The issuance of high-rated bonds in the U.S. has accelerated, partly due to Meta Platforms issuing a $30 billion bond, the largest investment-grade bond issuance in over two years, contributing to a record monthly issuance in October [4] - The average spread in the secondary market fell to 0.72 percentage points in September, the lowest level since 1998, as investors rushed to purchase investment-grade corporate bonds before the Federal Reserve's rate-cutting cycle [4] - Approximately $1 trillion in bonds is set to mature by 2025, leading to expectations of heightened issuance activity in the U.S. investment-grade bond market next year as companies refinance maturing debt [4]