Core Viewpoint - Louis Gerstner, former CEO of IBM, passed away at the age of 83, known for revitalizing the company from near bankruptcy to a leader in the tech industry [1][3] Group 1: Leadership and Transformation - Gerstner became the first external CEO of IBM on April 1, 1993, during a time when the company faced potential bankruptcy or breakup [3] - He transformed IBM from a hardware-focused company to a service-oriented business, abandoning plans to split the company into smaller units [3] - Gerstner implemented significant cost-cutting measures, including the sale of non-core assets and the reduction of the workforce by 35,000 employees [3] - He emphasized teamwork across the company and linked compensation to overall company performance rather than individual achievements [3] Group 2: Strategic Focus and Growth - Under Gerstner's leadership, IBM shifted its focus to middleware, which includes software for database and system management, becoming a neutral integrator for enterprise networks [5] - He correctly anticipated the rise of the internet and e-commerce, leading to a decreased emphasis on personal computers and a focus on servers and complex devices [5] - Gerstner's strategic acquisitions, such as the $2.2 billion purchase of Lotus Development Corp., were crucial for enhancing IBM's collaborative capabilities [5] - IBM's service revenue grew from $7.4 billion in 1992 to $30 billion in 2001, and the company's stock price increased from $13 to $80 during his tenure [5] Group 3: Legacy and Impact - Gerstner's leadership is credited with creating a truly integrated entity within IBM, which he considered his most significant legacy [5] - His tenure saw IBM's market capitalization rise from $29 billion to approximately $168 billion [5] - After leaving IBM in 2002, Gerstner became chairman of the Carlyle Group, overseeing its expansion in Asia and Latin America [7]

Core Points - Bristol Myers Squibb has announced the accepted amounts and pricing terms for its tender offers to purchase outstanding notes, adjusting the maximum aggregate purchase prices for both Pool 1 and Pool 2 Notes [1][2][10] Group 1: Tender Offer Details - The maximum aggregate purchase price for Pool 1 Notes has been decreased to approximately $3.99 billion, while the maximum for Pool 2 Notes has been increased to approximately $3.51 billion [2][10] - All validly tendered Pool 1 Notes and Pool 2 Notes with acceptance priority levels 1 through 4 have been accepted for purchase, eliminating the need for proration procedures for these notes [4][10] - The 2033 Notes will be accepted on a prorated basis due to the total principal amount exceeding $250 million [4][10] Group 2: Financial Terms - The Total Consideration for each series of Notes accepted for purchase will be paid in cash, excluding accrued and unpaid interest up to the Early Settlement Date [11][12] - The Offers will expire on December 3, 2025, unless extended or terminated earlier, with the Early Settlement Date set for November 20, 2025 [10][11] Group 3: Participation and Acceptance - The withdrawal rights for the Offers expired on November 17, 2025, and all conditions of the Offers were satisfied or waived by the Early Tender Deadline [10][11] - Holders of Notes that are accepted for purchase will receive the applicable Total Consideration, while those not accepted will have their notes returned promptly [4][11]

Core Insights - Current cash savings options offer yields ranging from 4% to 5%, providing attractive returns without market risk [2][3][6] - The Federal Reserve's recent interest rate cuts have not significantly impacted the high yields available for cash savings, making it a favorable time for savers [3][6] Cash Savings Options - High-yield savings accounts can yield up to 5.00% with certain requirements, while no-strings-attached accounts offer mid-4% returns [3][6] - The best nationwide Certificate of Deposit (CD) rate is currently 4.50% [3][6] - Brokerage and robo-advisor cash accounts are providing competitive yields in the upper-3% range, and U.S. Treasuries are offering rates up to 4.74% [6][10] Earnings Potential - A deposit of $5,000, $10,000, or $25,000 can generate significant interest over six months, depending on the chosen account's annual percentage yield (APY) [7][8] - For example, at a 5.00% APY, a $25,000 deposit could earn $617 in six months [8] Rate Variability - The rates for savings accounts and money market accounts are variable and may decrease with further Federal Reserve rate cuts, while CDs and Treasuries allow for locking in yields for a set period [9][10] Summary of Top Rates - The article provides a summary of the highest-paying options for savings accounts, CDs, brokerage accounts, and U.S. Treasuries, highlighting the importance of knowing current rates [10][14]

Core Viewpoint - Sunoco LP has successfully completed its private exchange offers for outstanding Canadian and U.S. dollar denominated notes issued by Parkland Corporation, with a significant majority of the notes tendered for exchange [1][2][4]. Summary by Category Exchange Offers and Results - The exchange offers for PKI CAD Notes and PKI USD Notes expired on November 4, 2025, with C$1,474,777,000 (approximately 92.2%) of PKI CAD Notes and US$2,579,839,000 (approximately 99.2%) of PKI USD Notes validly tendered [2][3]. - Specific series of PKI CAD Notes tendered include: - C$549,406,000 of 3.875% Senior Notes due 2026 (91.6%) - C$380,785,000 of 6.000% Senior Notes due 2028 (95.2%) - C$544,586,000 of 4.375% Senior Notes due 2029 (90.8%) [2]. - Specific series of PKI USD Notes tendered include: - US$498,854,000 of 5.875% Senior Notes due 2027 (99.8%) - US$789,974,000 of 4.500% Senior Notes due 2029 (98.8%) - US$798,252,000 of 4.625% Senior Notes due 2030 (99.8%) - US$492,759,000 of 6.625% Senior Notes due 2032 (98.6%) [2][3]. Amendments and Acquisitions - Sunoco completed its acquisition of Parkland Corporation, making it a wholly owned subsidiary, and plans to implement amendments to the PKI Indentures to eliminate restrictive covenants and certain events leading to defaults [4][6]. - The proposed amendments will take effect upon the settlement date of the exchange offers, expected on November 7, 2025 [4][6]. New Notes - The New Notes will have similar terms to the PKI Notes, including interest rates and payment dates, ensuring that tendering holders receive equivalent interest payments [7].

Core Points - Municipality Finance Plc has issued a new tranche of SEK 1.5 billion under its MTN programme, increasing the total nominal amount of the notes to SEK 3.5 billion, with a maturity date of 1 November 2028 and a floating interest rate of 3-month Stibor plus 150 bps per annum [1][2] Group 1: Issuance Details - The notes are part of MuniFin's EUR 50 billion programme for debt instruments, with offering documents available on the company's website [2] - The notes have been applied for admission to trading on the Helsinki Stock Exchange, with public trading expected to start on 22 October 2025 [3] - Swedbank AB acts as the Dealer for the issuance of the notes [3] Group 2: Company Overview - MuniFin is one of Finland's largest credit institutions, with a balance sheet exceeding EUR 55 billion, owned by Finnish municipalities, the public sector pension fund Keva, and the State of Finland [3][4] - The company's customers include municipalities, joint municipal authorities, and entities involved in affordable social housing, focusing on environmentally and socially responsible investments [4] Group 3: Market Position - MuniFin operates in a global business environment and is an active issuer in international capital markets, recognized as the first Finnish issuer of green and social bonds [5]

Core Points - Heineken N.V. has successfully placed €2 billion of Notes across three tranches [2][3] - The proceeds from the Notes issuance will be utilized for general corporate purposes, including acquisitions [3] - The Notes will be listed on the Luxembourg Stock Exchange and are issued under the Company's Euro Medium Term Note Programme [3] Summary by Category Notes Details - The issuance includes €500 million 3-year Notes with a coupon of 2.565% [7] - It also includes €750 million 8.6-year Notes with a coupon of 3.505% [7] - Additionally, there are €750 million 12-year Notes with a coupon of 3.872% [7] Maturity Dates - The maturity dates for the Notes are set for 3 October 2028, 3 May 2034, and 3 October 2037 respectively [3] Underwriters - BNP Paribas, Deutsche Bank, ING, JP Morgan, and Rabobank acted as active book runners for the issuance [3]

Core Viewpoint - Solventum Corporation has initiated Tender Offers to purchase outstanding notes for an aggregate purchase price of up to $1.75 billion in cash, subject to specific terms and conditions outlined in the Offer to Purchase [1]. Summary by Relevant Sections Tender Offer Details - The Tender Offers are for a total of up to $1.75 billion, with specific maximum amounts allocated for different pools of notes: $1.25 billion for Pool 1 and $500 million for Pool 2 [3][9]. - The Tender Offer for the 5.450% Senior Notes due 2027 is subject to a subcap of $500 million [4]. - The Tender Offers will expire at 5:00 p.m. Eastern Time on September 22, 2025, with an early tender date of September 5, 2025 [5]. Acceptance Priority Levels - Notes will be accepted based on their Acceptance Priority Level, with higher priority notes being accepted before lower priority notes, and early tenders being prioritized over later tenders [10][11]. - The highest Acceptance Priority Level for both Pool 1 and Pool 2 Tender Offers is 1, while the lowest for Pool 1 is 4 and for Pool 2 is 2 [11]. Payment and Consideration - Total Consideration for each series of notes will be calculated based on a fixed spread and the yield of the applicable U.S. Treasury Reference Security, including an Early Tender Payment for those who tender before the early tender date [6][7]. - Payments for validly tendered notes will be made on either the Early Settlement Date or the Final Settlement Date, depending on when the notes are tendered [8]. Conditions and Management - The obligation to accept notes for purchase is contingent upon certain conditions, including the receipt of proceeds from a previously announced sale of a business segment [12]. - J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., and Goldman Sachs & Co. LLC are acting as lead dealer managers for the Tender Offers [13].

Core Viewpoint - Oxford Square Capital Corp. has announced a registered public offering of notes, with terms to be determined through negotiations with underwriters [1] Group 1: Offering Details - The public offering price and terms of the notes will be negotiated between the company and the underwriters [1] - The company plans to grant underwriters a 30-day option to purchase additional notes to cover over-allotments [1] - The notes are expected to be listed on the NASDAQ Global Select Market and to begin trading within 30 days of the original issue date [2] Group 2: Use of Proceeds - The net proceeds from the offering are expected to be used for repaying indebtedness, acquiring investments in line with the company's investment objectives, and for general corporate purposes [2] Group 3: Management and Underwriters - Lucid Capital Markets, LLC and Piper Sandler & Co. are acting as joint book-running managers for the offering [3] - Clear Street LLC, InspereX LLC, Janney Montgomery Scott LLC, and William Blair & Company, L.L.C. are serving as lead managers for the offering [3] Group 4: Company Overview - Oxford Square Capital Corp. is a publicly-traded business development company that primarily invests in syndicated bank loans and, to a lesser extent, in debt and equity tranches of collateralized loan obligation (CLO) vehicles [6] - CLO investments may also include warehouse facilities, which are financing structures used to aggregate loans for CLO vehicles [6]

Group 1 - Canada Rare Earth Corp. has appointed SCP Resource Finance LP as its financial advisor and engaged them to lead an offering of notes for gross proceeds of up to US$3,000,000 [1][4] - The notes will be issued at a 5.0% discount, have a maturity of 24 months, and will pay a coupon of 15.0% per annum, payable semi-annually [4] - The net proceeds from the offering will be used for general and corporate working capital purposes, and the company plans to service and repay the notes from revenue generated by its rare earth concentrates and oxides sourcing and trading operations [4] Group 2 - Canada Rare Earth operates a global essential minerals business with a focus on rare earth minerals and products, leveraging positive cash flow opportunities for growth [2] - The company is actively engaging in discussions regarding funding and off-take agreements related to a transaction announced on January 7, 2025, with further details expected to be provided [1]

Group 1 - The Issuer, UAB Partnerystės projektai keturi, is executing a full redemption of its Notes, amounting to €4 million at par, with an additional €180,000 in accrued interest to be paid to Noteholders on April 28, 2025 [1][2] - The voluntary redemption option is being exercised as per Clause 7.3 of the Terms & Conditions, and no action is required from Noteholders regarding this process [2] - The Issuer has successfully completed Phase 1 of the Šiauliai military campus development, which was handed over to Lithuania's Ministry of Defence in April 2024, and is currently progressing with Phase 2 [3] Group 2 - The Issuer redeemed half of the bond issue in September 2024, indicating a proactive approach to managing its financial obligations [3] - The Issuer is refinancing the remaining Notes with increased senior loan facilities, reflecting a growing market familiarity with Public-Private Partnership (PPP) projects [3] - The Issuer expresses gratitude to Noteholders for their trust and support, indicating a positive relationship and potential for future collaboration [4]