Core Viewpoint - Calfrac Well Services Ltd. successfully closed its Rights Offering, raising approximately $35.0 million through the issuance of 13,011,153 Common Shares at a subscription price of $2.69 per share, indicating strong support from shareholders [1][2]. Group 1: Rights Offering Details - The Rights Offering was oversubscribed by more than two times, with 96.7% of rights exercised under the basic subscription privilege [2]. - Insiders, including directors and officers, acquired approximately 8.2 million Common Shares, representing about 63% of the Rights Offering [2]. Group 2: Financial Impact and Use of Proceeds - The net proceeds from the Rights Offering, along with a drawdown of the Company's $120.0 million delay draw term facility, will be used to redeem all outstanding US$120,000,100 principal amount of 10.875% second lien secured notes [3]. - The repayment of the Second Lien Notes is expected to extend the Company's long-term debt maturities to July 1, 2028, and is a significant step in the Company's deleveraging strategy [4]. - The Company anticipates exiting the year with long-term debt at the lower end of the previously announced guidance of between $200.0 to $215.0 million, reflecting a year-over-year reduction of over $100.0 million [4].

Core Viewpoint - Calfrac Well Services Ltd. is initiating a rights offering to raise C$35,000,000, fully backed by existing directors and shareholders, to address debt maturities and enhance financial stability [1][5]. Rights Offering Details - The rights offering is expected to be completed around December 23, 2025, allowing the company to access a C$120,000,000 term loan and potentially an additional C$15,000,000 from existing facilities [2]. - The proceeds will be used to redeem approximately US$120,000,100 of outstanding 10.875% second lien secured notes before their 2026 maturity [2]. - Eligible shareholders will receive one transferable right for each common share held as of November 21, 2025, with each right allowing the subscription for 0.1514872 of a common share at a price of $2.69, representing a 15% discount to the average trading price [3][4]. Standby Purchase Agreement - A standby purchase agreement has been established with major shareholders, ensuring that they will exercise their rights and purchase any unsubscribed shares, thereby guaranteeing the company will achieve the C$35,000,000 target [5][7]. - The major shareholders collectively hold over 60% of the outstanding common shares, indicating strong support for the company's strategy [7]. Financial Strategy and Outlook - The CFO highlighted that the refinancing plan aims to reduce debt and interest expenses, aligning with the company's financial priorities [8]. - The company anticipates a significant reduction in long-term debt and borrowing costs, supported by strong operating results and decreased capital spending in 2026 [8]. Regulatory and Procedural Information - The rights will be listed on the TSX under the symbol "CFW.RT" starting November 21, 2025, and will expire on December 19, 2025 [4][10]. - Detailed information regarding the rights offering will be provided in a circular and notice available on SEDAR+ [9].

Financial Data and Key Metrics Changes - In Q3 2025, the company experienced top-line growth of 0.9% and EBITDA growth of 3.3%, with margin expansion of 85 basis points [8][21] - Underlying EPS increased by 1% in U.S. dollars and 0.3% in constant currency, reaching $0.99 per share [21][22] - Revenue per hectoliter increased by 4.8%, driven by disciplined revenue management and a portfolio of premium brands [8][21] Business Line Data and Key Metrics Changes - The premium beer, non-alcohol beer, and beyond beer segments continued to outperform, with the quarterly GMV of the BIS marketplace reaching nearly $1 billion [5][8] - In the U.S., the portfolio saw a revenue increase in the mid-40s, led by Cutwater, which grew revenue in the triple digits [9] - Michelob Ultra became the number one brand in the industry by volume year to date, gaining market share in all 50 states [9][10] Market Data and Key Metrics Changes - Revenue increased in 70% of the company's markets, with bottom-line growth in four of five operating regions [8][21] - In China, revenue declined by 15.2%, with volumes underperforming the industry due to a soft consumer environment [13] - In Brazil, revenue declined by 1.9% due to unseasonable weather and a softer consumer environment, but market share gains were achieved [11][12] Company Strategy and Development Direction - The company is focused on executing its strategic priorities, including investments in brands and innovations to drive market share gains [4][5] - A $6 billion share buyback program was approved, alongside an interim dividend of €0.15 per share, reflecting confidence in long-term growth [7][22] - The partnership with Netflix aims to create co-marketing campaigns and enhance consumer experiences, integrating beer with entertainment [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds in China and unseasonable weather in the Americas but expressed confidence in the resilience of the strategy [4][5] - The outlook for the beer category remains positive, with expectations for industry volume growth as conditions normalize [12][40] - The company anticipates a significant opportunity in 2026 with the FIFA World Cup in North America, which is expected to enhance brand visibility and consumer engagement [25][41] Other Important Information - The company is actively managing its debt portfolio, announcing the redemption of $2 billion of outstanding bonds [7][22] - The growth of the non-alcohol beer segment is seen as a key opportunity, with the portfolio growing by 27% [15][81] Q&A Session Summary Question: Thoughts on the $6 billion buyback program and its implications for capital allocation - Management indicated that the buyback program reflects improved balance sheet flexibility and is part of a disciplined capital allocation strategy [27][29] Question: Outlook for global beer volume growth - Management noted that the medium-term outlook for global beer is around 1% growth, with potential for further growth through beyond beer propositions [28][30] Question: Volume growth expectations for 2026 - Management expressed optimism for volume growth in 2026, particularly with the FIFA World Cup and improving consumer sentiment [40][41] Question: Impact of input costs and FX on 2026 - Management stated that while they do not provide specific guidance on costs, they hedge 12 months ahead and expect a more normalized environment in 2026 [43][45] Question: Performance in Latin America, particularly Brazil and Colombia - Management highlighted that while Brazil faced challenges due to weather, Colombia continued to show strong performance and volume growth [52][53] Question: Insights on the Champions League sponsorship and ROI - Management emphasized the importance of integrating brands with major events and cultural moments to enhance long-term brand positioning [62][63] Question: Success of Cutwater and its sustainability - Management noted that Cutwater has become a top 10 spirits brand in the U.S., driven by consistent brand building and strategic investments [66][67]

Core Viewpoint - Bombardier Inc. has successfully closed a US$500 million offering of Senior Notes due 2033 with a coupon rate of 6.750% per annum, maturing on June 15, 2033 [1] Group 1: Offering Details - The New Notes were sold at par and will be used to fund the repayment of outstanding indebtedness, specifically the redemption of US$500 million of 7.875% Senior Notes due 2027 [2] - Prior to the redemption, there is US$683,142,000 outstanding of the 2027 Notes [2] Group 2: Redemption Timeline - The redemption of the 2027 Notes is expected to be completed on June 13, 2025, following a notice of partial redemption issued on May 14, 2025 [3] Group 3: Regulatory Information - The New Notes have not been registered under the United States Securities Act and were offered only to qualified institutional buyers in the U.S. and accredited investors in Canada [4]

Core Viewpoint - Viasat Inc. has announced the full redemption of its remaining 5.625% senior notes due 2025, totaling $442,550,000, ahead of the maturity date, to be funded with cash on hand [1][2]. Company Overview - Viasat is a global communications company focused on connecting people and devices worldwide, with operations in 24 countries [3]. - The company aims to develop a comprehensive global communications network to provide high-quality, reliable, and secure connections [3]. - In May 2023, Viasat completed the acquisition of Inmarsat, enhancing its capabilities and resources in the communications sector [3].