Core Points - NEXT Properties has announced the early tender results of its exchange offers for six series of senior notes issued by Fibra Uno, with the offers commencing on November 5, 2025 [1][2] - The early tender date was set for November 19, 2025, and the exchange offers will expire on December 5, 2025, unless extended [5] Summary by Category Exchange Offer Details - The total amounts tendered for exchange include US$775 million for 4.869% senior notes due 2030, US$500 million for 7.700% sustainability-linked notes due 2032, US$600 million for 7.375% senior green notes due 2034, US$300 million for 8.250% sustainability-linked notes due 2037, US$700 million for 6.950% senior notes due 2044, and US$875 million for 6.390% senior notes due 2050 [2][4] - The maximum exchange amounts for some offers were exceeded, leading to prorated acceptance of the FUNO notes [4] Financial Implications - NEXT Properties plans to pay the total consideration for the validly tendered FUNO notes on or shortly after December 3, 2025, along with accrued interest [3] - The maximum exchange amount for the 2032 exchange offer has been increased from US$150 million to US$154 million [4] Regulatory and Participation Conditions - The exchange offers are available only to Qualified Institutional Buyers and holders of FUNO notes outside the United States, with specific eligibility criteria outlined [7][9] - The new notes will not be registered under the U.S. Securities Act and are subject to transfer restrictions [9][10]

Core Points - Shell plc is conducting Exchange Offers to migrate existing Old Notes to Shell Finance US to optimize its capital structure and align indebtedness with its U.S. business [3][11] - The Early Participation Premium is now extended to all eligible holders of Old Notes validly tendered by December 3, 2025, regardless of when they were tendered [2][7] - As of the Early Participation Deadline, a total of $6,222,581,000 of Old Notes have been validly tendered for exchange [5] Summary by Sections Exchange Offers - Shell is offering to exchange Old Notes for a combination of cash and new notes issued by Shell Finance US, guaranteed by Shell [1][3] - The total aggregate principal amount of Old Notes validly tendered includes various series with specific amounts listed [5] Early Participation Premium - The Early Participation Premium consists of $30 principal amount of New Notes and a cash component of $1.00 for each $1,000 principal amount of Old Notes tendered [7][8] - This premium is now available for all validly tendered Old Notes until the Expiration Time [2][7] Tendered Amounts - The table provided indicates the principal amounts of each series of Old Notes validly tendered, with significant amounts for various series [5] - The largest amount tendered is $2,009,126,000 for the 6.375% notes due 2038 [5] Important Dates - The Expiration Time for the Exchange Offers is set for December 3, 2025, with expected issuance of New Notes on December 8, 2025 [8]

Core Points - Getty Images Holdings, Inc. announced the settlement of an exchange offer for its unsecured 9.750% Senior Notes due 2027, exchanging them for newly issued unsecured 14.000% Senior Notes due 2028 [1][2] - The exchange involved $294,686,000 aggregate principal amount of Old Notes being accepted for exchange, leaving $5,314,000 of Old Notes outstanding after the transaction [2] - The Issuer confirmed receipt of consents from a majority of the outstanding principal amount of Old Notes, leading to the execution of a supplemental indenture for proposed amendments [3] Financial Transactions - Getty Images closed a private offering of $628,400,000 aggregate principal amount of 10.500% Senior Secured Notes due 2030, which are senior secured obligations guaranteed by the same guarantors as its existing Senior Secured Notes [4] - The proceeds from the Senior Secured Notes will be used to pay approximately $350,000,000 in fees and expenses related to a merger with Shutterstock, as well as to refinance certain indebtedness of Shutterstock [5][6] Merger Details - The offering of Senior Secured Notes is linked to a proposed merger of equals with Shutterstock, aimed at creating a premier visual company [6] - If the merger is not consummated by October 6, 2026, the Senior Secured Notes will be subject to a special mandatory redemption at 100% of the issue price plus accrued interest [6]

Core Viewpoint - Sunoco LP has successfully completed a significant portion of its private exchange offers for outstanding Canadian and U.S. dollar denominated notes issued by Parkland Corporation, with high participation rates from noteholders [1][5]. Summary by Category Exchange Offers - As of October 20, 2025, approximately C$1,352,346,000 (84.5%) of PKI CAD Notes and US$2,564,002,000 (98.6%) of PKI USD Notes have been validly tendered in the exchange offers [1][5]. - The exchange offers include an Early Participation Exchange Consideration of C$1,000 for PKI CAD Notes and US$1,000 for PKI USD Notes, which includes a C$50.00 or US$50.00 Early Participation Premium, plus a cash payment of C$2.50 or US$2.50 [2][6]. Participation Details - The participation rates for specific series of notes are as follows: - 3.875% Senior Notes due 2026: C$522,224,000 (87.0%) - 6.000% Senior Notes due 2028: C$372,461,000 (93.1%) - 4.375% Senior Notes due 2029: C$457,661,000 (76.3%) - 5.875% Senior Notes due 2027: US$492,653,000 (98.5%) - 4.500% Senior Notes due 2029: US$787,124,000 (98.4%) - 4.625% Senior Notes due 2030: US$797,122,000 (99.6%) - 6.625% Senior Notes due 2032: US$487,103,000 (97.4%) [1][3][5]. Conditions and Amendments - The exchange offers are subject to conditions, including the completion of Sunoco's acquisition of Parkland and the requirement that a majority of each series of PKI Notes must have tendered and consented [11][12]. - Proposed amendments to the PKI Indentures will eliminate restrictive covenants and certain events leading to an "Event of Default" [13]. Timeline - The expiration date for the exchange offers is set for November 4, 2025, with settlement expected shortly thereafter [9][10]. - Withdrawal rights for the exchange offers expired on October 20, 2025, meaning holders can no longer withdraw their tendered notes [8]. Company Overview - Sunoco LP operates as an energy infrastructure and fuel distribution master limited partnership, with a network spanning over 40 U.S. states, Puerto Rico, Europe, and Mexico [22].

Core Viewpoint - Sunoco LP has initiated private offers to exchange Canadian dollar and U.S. dollar denominated notes previously issued by Parkland Corporation, under specific terms outlined in confidential exchange offer memoranda [1] Group 1: Exchange Offers - The exchange offers are directed to all Eligible Holders of the PKI CAD Notes and PKI USD Notes [1] - The new notes to be issued by Sunoco in the exchange offers will have interest rates, payment dates, maturity dates, and redemption terms that are substantially identical to those of the corresponding series of PKI Notes being exchanged [1]

Core Viewpoint - Crédit Agricole S.A. has launched tender offers to purchase its outstanding perpetual notes, aiming to optimize its capital base and provide liquidity to investors [11]. Group 1: Details of the Offers - The offers include two series of notes: USD 8.125% Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes with an outstanding principal amount of USD 1.25 billion and GBP 7.500% Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes with an outstanding principal amount of GBP 396.684 million [12]. - The offer prices are set at USD 1,011.25 per USD 1,000 principal amount for the USD Notes and GBP 1,023.50 per GBP 1,000 principal amount for the GBP Notes [12]. - The expiration date for the offers is set for 5:00 p.m. New York City time on September 8, 2025, with a guaranteed delivery procedure available until September 10, 2025 [4][6]. Group 2: Conditions and Settlement - The acceptance of validly tendered notes is subject to certain customary conditions, including the successful completion of a proposed issuance of new notes [5]. - The settlement date for the offers is expected to occur on or about September 11, 2025 [6]. - Crédit Agricole S.A. intends to issue a new series of undated deeply subordinated additional tier 1 notes, considering the tendering intentions of investors [7]. Group 3: Additional Information - Further details regarding the terms and conditions of the offers can be found in the Offer to Purchase document [8]. - The company has provided contact information for assistance related to the offers, including details for the structuring bank and dealer managers [13].

Core Viewpoint - First Quantum Minerals Ltd. is extending the Tender Offer for its outstanding 6.875% Senior Notes due 2027, with new deadlines set for various key dates in the process [1][2]. Group 1: Tender Offer Details - The Price Determination Date has been extended to August 18, 2025, and the Expiration Date is now also August 18, 2025 [1]. - The Guaranteed Delivery Date is extended to August 20, 2025, and the expected Settlement Date is now August 21, 2025 [1]. - Holders of the Notes will receive a cash amount equal to accrued and unpaid interest from the last interest payment date up to the Settlement Date [2]. Group 2: Purpose and Financing - The Tender Offer aims to acquire all outstanding Notes as part of a refinancing transaction, with the expectation to issue new senior notes (New Notes) [6]. - Proceeds from the New Notes are intended to be used to purchase Notes in the Tender Offer and redeem any Notes not tendered [6]. - The Company intends to redeem any Notes not validly tendered after October 15, 2025, subject to certain conditions [7][8]. Group 3: Conditions and Amendments - The completion of the Tender Offer is contingent upon the successful issuance of New Notes and satisfaction of specific financing conditions [10]. - The Company reserves the right to amend or waive conditions of the Tender Offer at any time [11]. - If 90% of the outstanding Notes are tendered, the Company may redeem all remaining Notes at the offered price [9].

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 - Verizon Communications Inc. has announced the pricing terms for two related transactions involving the repurchase of 10 series of its outstanding notes through Exchange Offers and Cash Offers [1][2]. Exchange Offers - The Exchange Offers consist of 10 separate private offers to exchange outstanding series of notes for newly issued debt securities, referred to as New Notes [3][4]. - The Exchange Offers will expire at 5:00 p.m. (Eastern time) on June 18, 2025, with a settlement date expected on June 25, 2025 [4][9]. - Eligible holders must complete an Eligibility Letter to participate, certifying their status as either a qualified institutional buyer or a non-U.S. qualified offeree [3][4]. - The Total Exchange Price for each series of Old Notes will be based on the fixed spread and yield of the specified Reference U.S. Treasury Security as of the Price Determination Date [11][12]. - Verizon will accept Old Notes for exchange using a "waterfall" methodology, subject to a maximum aggregate principal amount of New Notes capped at $2.5 billion [10][12]. Cash Offers - The Cash Offers consist of 10 separate offers to purchase Old Notes for cash, available only to holders who are not Exchange Offer Eligible Holders [22][23]. - Similar to the Exchange Offers, the Cash Offers will expire at 5:00 p.m. (Eastern time) on June 18, 2025, with a settlement date expected on June 25, 2025 [24][29]. - The Total Consideration for each series of Old Notes will be determined based on the yield corresponding to the bid side price of the applicable Reference U.S. Treasury Security [25][31]. - Verizon's obligation to complete a Cash Offer is conditioned on the Maximum Total Consideration Amount not exceeding $300 million [34][35]. New Notes - The New Notes will mature on July 2, 2037, with a coupon rate of 5.401% based on the Reference U.S. Treasury Security [14][15]. - Verizon will not complete the Exchange Offers if the aggregate principal amount of New Notes issued would be less than $750 million [15][16]. Additional Information - Global Bondholder Services Corporation is acting as the Information Agent and Exchange Agent for the Exchange Offers, and as the Tender Agent for the Cash Offers [21][39]. - Holders are advised to check with their intermediaries regarding submission deadlines for participation in the Offers [41].