Management emphasized improving investment returns and funding spreads. Lipson said that for the second year in a row , yield on new investments exceeded 10.5% , while bond spreads continued to narrow. He noted that the company’s senior unsecured term bonds were trading with a yield below 6.25% at the time of the call.Management also pointed to continued pipeline growth, with the pipeline rising from more than $5.5 billion at the end of the first quarter to more than $6.5 billion at year-end 2025. Lipson at ...

Core Viewpoint - MidCap Financial has announced the signing of approximately $3.1 billion in senior unsecured notes and junior subordinated notes, marking a transformative milestone that enhances its balance sheet strength and financial flexibility, with an expected improvement in its Senior Unsecured credit rating to investment grade status [1][2]. Group 1: Financial Impact - The issuance of notes is expected to significantly improve MidCap's credit profile, expanding access to capital markets and reinforcing its ability to serve around 600 borrowers [2]. - The transaction diversifies funding sources, extends liability duration, and is anticipated to lower the cost of capital over time, enhancing competitive positioning and supporting growth across lending platforms [2][3]. Group 2: Management Statements - David Moore, Co-Founder and Vice Chairman, stated that this transaction fundamentally reshapes the balance sheet and accelerates the evolution into an investment-grade institution, validating the business model and long-term growth strategy [3]. - CEO Josh Groman emphasized that this inaugural investment-grade financing will fuel continued expansion as a leading diversified private credit platform, highlighting the team's achievements leading to this milestone [3]. Group 3: Financial Policies - MidCap is committed to a conservative financial policy, targeting an adjusted net leverage ratio below 2.5x, net secured debt to total assets below 30%, and net senior unsecured leverage below 1.5x, while maintaining at least $2 billion in liquidity [4]. Group 4: Company Overview - MidCap Financial is a middle-market focused specialty finance firm providing senior debt solutions across all industries, managing over $62 billion in commitments as of December 31, 2025 [5]. - The firm is managed by Apollo Capital Management, a subsidiary of Apollo Global Management, which had approximately $908 billion in assets under management as of September 30, 2025 [5].

Core Insights - The article discusses the activities of an active investment group led by Denislav Iliev, focusing on identifying mispriced investments in fixed-income and closed-end funds [2] Group 1: Company Overview - Denislav Iliev has over 15 years of experience in day trading and leads a team of 40 analysts [2] - The investment group, Trade With Beta, offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, and hedging strategies [2] Group 2: Services Offered - The service includes an actively managed portfolio and a chat room for discussions among sophisticated traders and investors [2] - Active investors are invited to join on a free trial to engage with the community and ask questions [1]

Core Viewpoint - TELUS Corporation has announced the results of its cash tender offers for certain series of its outstanding notes, increasing the maximum purchase amount to accommodate all tendered 3.95% Senior Notes, Series CAB and 4.10% Senior Notes, Series CAE in full, along with a portion of the 4.40% Senior Notes, Series CU [1][6] Summary by Sections Offers - The offers were made under the terms set forth in the Offer to Purchase dated June 20, 2025 [2] Tender Results - A total of C$3,108,424,000 in principal amount of the notes was validly tendered before the expiration date of June 27, 2025 [3] Notes Information - The following series of notes were included in the offers: - 3.95% Senior Notes, Series CAB due February 2050: C$800 million outstanding, C$691.7 million tendered - 4.10% Senior Notes, Series CAE due April 2051: C$500 million outstanding, C$421.9 million tendered - 4.40% Senior Notes, Series CU due January 2046: C$500 million outstanding, C$436.5 million tendered, C$261.9 million accepted on a pro rata basis [4][6] Total Consideration - The total consideration for each series of notes will be based on the applicable fixed spread plus the yield based on the bid-side price of the applicable Canadian reference security [5] Acceptance Amounts - The company expects to accept C$691.7 million of the 3.95% Senior Notes, C$421.9 million of the 4.10% Senior Notes, and C$261.9 million of the 4.40% Senior Notes, with no acceptance for several other series [6] Financing Condition - The financing condition for the offers has been satisfied due to the closing of a previously announced offering of junior subordinated notes totaling US$1.5 billion [7] Pricing and Settlement - Pricing for the notes is expected to occur on June 30, 2025, with the settlement date anticipated to be July 3, 2025 [8][9] Dealer Managers - The company has retained several financial institutions as lead dealer managers for the offers [10] Termination of Offers - If any offer is terminated, the company will promptly notify the tender agent, and all tendered notes will be returned to the holders [11] Company Overview - TELUS is a leading communications technology company with over C$20 billion in annual revenue and more than 20 million customer connections [15]

Core Viewpoint - Dentsply Sirona Inc. has announced a $550 million offering of 8.375% Junior Subordinated Notes due 2055, expected to close on June 12, 2025, subject to customary conditions [1] Group 1: Offering Details - The notes will have a fixed interest rate of 8.375% until September 12, 2030, after which the rate will reset based on the five-year U.S. Treasury rate plus a spread of 4.379%, with a minimum rate of 8.375% [2] - The net proceeds from the offering are expected to be approximately $544.5 million, which will be used for general corporate purposes, including repaying existing short-term indebtedness [3] Group 2: Management and Regulatory Information - Goldman Sachs & Co. LLC is the sole book-running manager for the offering, with several co-managers involved [4] - The offering is being made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission [4][5] Group 3: Company Overview - Dentsply Sirona is the largest diversified manufacturer of professional dental products and technologies, with a strong portfolio of brands and a commitment to advancing patient care [8][9]