Core Viewpoint - Sabre Corporation has priced an offering of $1 billion in 11.125% Senior Secured Notes due 2029, with the offering expected to close on December 5, 2025 [1][2]. Group 1: Offering Details - The Secured Notes will pay interest semi-annually at a rate of 11.125% per year and will mature on June 15, 2029 [2]. - The offering is guaranteed by Sabre Financing Holdings LLC and certain foreign subsidiaries, with a secured basis up to $400 million [2]. - The Secured Notes will be secured by a first-priority security interest in substantially all present and future property and assets of the Foreign Guarantors, along with a pledge of loan receivables and equity interests [2]. Group 2: Use of Proceeds - The gross proceeds from the sale of the Secured Notes will be used to fund an intercompany loan to Sabre GLBL, Inc. [3]. - Sabre GLBL intends to use these proceeds, along with cash on hand, to manage its existing indebtedness, including prepaying, redeeming, or repurchasing certain secured notes and term loans [3]. Group 3: Regulatory Information - The Secured Notes are offered in a private placement to qualified institutional buyers and non-U.S. persons, and they have not been registered under the Securities Act [4]. - The offering does not constitute an offer to sell or solicit an offer to buy the Secured Notes in jurisdictions where such actions would be unlawful [5]. Group 4: Company Overview - Sabre Corporation is a leading technology company in the travel industry, providing solutions for airlines, hoteliers, and travel agencies globally [6].

Media Release COPENHAGEN, Denmark; November 18, 2025 Genmab A/S (Nasdaq: GMAB) (“Genmab”) announced today that it and its wholly owned subsidiary Genmab Finance LLC (“Genmab Finance”) have priced their previously announced offering of $1.5 billion of 6.250% senior secured notes due 2032 (the “Secured Notes”) and $1.0 billion of 7.250% senior unsecured notes due 2033 (the “Unsecured Notes,” and together with the Secured Notes, the “Notes”). The issue price of the Notes is 100.000%. The offering is expected t ...

Core Points - Genmab A/S announced plans to offer $1.5 billion of senior secured notes due 2032 and $1.0 billion of senior unsecured notes due 2033, alongside a new $2.0 billion senior secured term loan "B" facility [1] - The financing is part of the acquisition of Merus N.V., which includes previously syndicated credit facilities totaling $1.5 billion [1] - A preliminary offering memorandum has been provided to potential investors, containing undisclosed information and pro forma financial data related to the acquisition [2] Financial Information - The preliminary offering memorandum includes unaudited pro forma condensed combined financial information for the nine months ended September 30, 2025, and for the year ended December 31, 2024 [2] - Audited consolidated financial statements for the years ended December 31, 2024, 2023, and 2022 are also included, originally prepared in Danish Kroner and retranslated into US Dollars [2]

Core Viewpoint - Cipher Mining Inc. has announced a $1.4 billion offering of 7.125% senior secured notes due 2030 to finance the construction of the Barber Lake Facility, a high-performance computing data center in Texas [1][2]. Group 1: Offering Details - The offering consists of 7.125% senior secured notes priced at par, expected to close on November 13, 2025, subject to market conditions [1]. - The net proceeds from the offering will be used to finance a portion of the Barber Lake Facility's construction costs [2]. - The notes will be fully guaranteed by Cipher Barber Lake LLC, a wholly-owned subsidiary of the issuer, and secured by first-priority liens on substantially all assets of the issuer and the guarantor [3]. Group 2: Security and Guarantees - The notes will be secured by various assets, including equity interests held by Cipher Songbird LLC and a pledge by Google LLC of warrants to purchase common stock of Cipher [3]. - Cipher will provide a completion guarantee for the Barber Lake Facility, ensuring funding if the proceeds from the notes are insufficient [4]. Group 3: Company Overview - Cipher Mining focuses on developing and operating industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting, aiming to be a market leader in innovation within the industry [6].

Core Viewpoint - Cipher Mining Inc. plans to offer $1.4 billion in senior secured notes due 2030 to finance the construction of the Barber Lake Facility, a high-performance computing data center in Texas [1][2]. Group 1: Offering Details - The offering will be made to qualified institutional buyers under Rule 144A of the Securities Act [1][5]. - The notes will be fully guaranteed by Cipher Barber Lake LLC, a subsidiary of the issuer, and secured by first-priority liens on substantially all assets of the issuer and the guarantor [3]. - The offering is subject to market conditions, and there is no assurance regarding its completion [4]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to finance a portion of the construction costs for the Barber Lake Facility [2]. Group 3: Company Overview - Cipher Mining focuses on developing and operating industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting [7]. - The company aims to lead in innovation within the bitcoin mining sector and data center construction [7].

Core Viewpoint - Auna S.A., a Latin American healthcare company, is planning to offer senior secured notes in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933 [1] Group 1 - Auna S.A. operates in Mexico, Peru, and Colombia [1] - The company is collaborating with Oncosalud S.A.C. as co-issuers for the offering of the notes [1]

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 Insights - The surge in share prices for AI and HPC companies since September has significantly benefited bitcoin miners diversifying into these sectors, although this growth entails increased financial risks [1][3]. Debt Market Activity - Bitcoin miners are increasingly engaging in debt markets to finance their expansions into AI and HPC, with combined debt and convertible note offerings reaching an estimated $6 billion in Q3 [2][3]. - Companies like TerraWulf, MARA Holdings, and Cipher raised billions through convertible bonds, while CleanSpark utilized credit lines to strengthen their financial positions [3]. Recent Fundraising Efforts - In Q4, TerraWulf initiated a $3.2 billion private placement of senior secured notes, marking it as the largest single offering by a public miner [4]. - IREN issued a $1 billion convertible bond, and Bitfarms announced a $300 million convertible note shortly after [4]. Financial Implications - Some debt instruments, such as IREN's zero-coupon bonds, differ in structure, while TerraWulf's issuance carries a 7.75% coupon, leading to an annual interest expense of approximately $250 million, which exceeds its projected 2024 revenue of $140 million [5]. Market Dynamics - The current fundraising cycle is characterized by a shift towards AI and HPC, which may mitigate risks compared to previous cycles where miners faced severe financial distress [6]. - The market is rewarding miners transitioning from traditional bitcoin operations to AI/HPC, with the CoinShares Bitcoin Mining ETF up 160% year-to-date, indicating a positive investor sentiment towards this pivot [7].

Core Viewpoint - TeraWulf Inc. has announced a $3.2 billion offering of senior secured notes to finance the expansion of its data center at the Lake Mariner campus in New York, with the offering expected to close on October 23, 2025, subject to market conditions [1][2]. Group 1: Offering Details - The offering consists of 7.750% senior secured notes due in 2030, priced at par, and will be sold privately to qualified institutional buyers under Rule 144A of the Securities Act [1][5]. - The notes will be fully guaranteed by WULF Compute's subsidiaries and secured by first-priority liens on substantially all assets of WULF Compute and the Guarantors [3][4]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to finance a portion of the data center expansion at the Lake Mariner campus [2]. Group 3: Guarantees and Conditions - TeraWulf will provide customary completion guarantees to ensure the timely completion of the data center buildings involved in the expansion [4]. - The offering is subject to market and other conditions, with no assurance on the completion timeline or terms [4].

Core Points - TeraWulf announced plans to offer $3.2 billion in senior secured notes due 2030 through its subsidiary WULF Compute LLC [1] - The proceeds from the offering will be used to fund the expansion of the Lake Mariner campus in Barker, New York, aimed at enhancing high-density computing capacity [2] - The notes will be guaranteed by WULF Compute's subsidiaries and secured by first-priority liens on substantially all assets of WULF Compute and the Guarantors [2] - Morgan Stanley is acting as the sole bookrunner for the offering, which is subject to market conditions [3] - In August, TeraWulf increased a convertible notes offering to $850 million following a lease agreement with Fluidstack and Google [3] - At the time of publication, TeraWulf's stock was down 1.2% in pre-market hours [4]