Latest news with #deleveraging
Yahoo
07-07-2025
- Business
- Yahoo
Carnival Corporation & plc Announces Pricing of €1.0 Billion 4.125% Senior Unsecured Notes Offering
Proceeds from the offering of senior unsecured notes to be used to repay borrowings under the senior secured term loan facilities MIAMI, July 1, 2025 /PRNewswire/ -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) today announced that Carnival plc (the "Company") priced its private offering (the "Notes Offering") of €1.0 billion aggregate principal amount of 4.125% senior unsecured notes due 2031 (the "Notes"). The Company expects to use the proceeds from the Notes Offering to fully repay the borrowings under Carnival Corporation's first-priority senior secured term loan facility maturing in 2027 (the "2027 Term Loan Facility") and to repay a portion of the borrowings under Carnival Corporation's first-priority senior secured term loan facility maturing in 2028. In conjunction with the Company's prepayment of $450.0 million on June 27, 2025 towards the 2027 Term Loan Facility, this transaction builds on its continuing efforts to deleverage, reduce interest expense, simplify its capital structure and manage its maturity profile. The Notes Offering is expected to close on July 7, 2025, subject to customary closing conditions. The indenture that will govern the Notes will have investment grade-style covenants. The Notes will pay interest annually on July 15 of each year, beginning on July 15, 2026, at a rate of 4.125% per year. The Notes will be unsecured and will mature on July 15, 2031. The Notes will be fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by Carnival Corporation and initially certain of the Company's and Carnival Corporation's subsidiaries that also guarantee our first-priority secured indebtedness, certain of our other unsecured notes and our convertible notes. The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This press release shall not constitute an offer to sell or the solicitation of an offer to purchase the Notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offering, solicitation or sale would be unlawful. About Carnival Corporation & plc Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn. Cautionary Note Concerning Forward-Looking Statements Certain statements in this press release constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the financing transactions described herein, future results, operations, outlooks, plans, goals, reputation, cash flows and liquidity and other events which have not yet occurred. Forward-looking statements reflect management's current expectations and are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Factors that could affect our results include, among others, those discussed under the caption "Risk Factors" in our most recent annual report on Form 10-K, as well as our other filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained by visiting the Investor Relations page of our website at or the SEC's website at Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. View original content: SOURCE Carnival Corporation & plc
Yahoo
30-06-2025
- Business
- Yahoo
Global Net Lease Successfully Closes Third and Final Phase of Multi-Tenant Portfolio Sale
— Sale of 12 Properties Generates Approximately $313 Million in Gross Proceeds — Portfolio Sale Completed; Accelerates Deleveraging Plan and Transforms GNL to Single-Tenant Net Lease REIT NEW YORK, June 23, 2025 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) ('GNL' or the 'Company') announced that it has completed the final phase of its multi-tenant portfolio sale to RCG Ventures, LLC on June 18, 2025, including 12 encumbered properties. This third phase generated approximately $313 million in gross proceeds1, bringing total gross proceeds from the portfolio sale to $1.8 billion2. GNL plans on using the incremental net proceeds from the third phase of the multi-tenant portfolio sale to further reduce leverage by paying down the outstanding balance on GNL's Revolving Credit Facility. The multi-tenant portfolio sale simplifies GNL's portfolio and sharpens its strategic focus by becoming a pure-play net lease owner and operator. This transition is expected to generate approximately $6.5 million in recurring annual G&A savings, along with additional cash savings from a substantial reduction in annual capital expenditures. GNL also believes the multi-tenant portfolio sale will create significant efficiencies in its operations by eliminating the complexities associated with managing multi-tenant retail properties. 'The completion of our multi-tenant portfolio sale marks the final step in our evolution into a pure-play single-tenant net lease company with streamlined operations and improved portfolio quality,' said Michael Weil, CEO of GNL. 'Divesting these multi-tenant assets has strengthened our balance sheet by accelerating our deleveraging efforts and improving liquidity. We remain focused on achieving an investment-grade credit rating, which we believe will lower our cost of capital and increase our financial stability. We are confident that this strengthened foundation will support continued growth and value creation for our shareholders.' About Global Net Lease, Inc. Global Net Lease, Inc. (NYSE: GNL) is a publicly traded internally managed real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S., and Western and Northern Europe. Additional information about GNL can be found on its website at Important Notice The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as 'may,' 'will,' 'seeks,' 'anticipates,' 'believes,' 'expects,' 'estimates,' 'projects,' 'potential,' 'predicts,' 'plans,' 'intends,' 'would,' 'could,' 'should' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company's actual results to differ materially from those presented in the Company's forward-looking statements are set forth in the 'Risk Factors' and 'Quantitative and Qualitative Disclosures about Market Risk' sections in the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company's subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. Contacts:Investor RelationsEmail: investorrelations@ (332) 265-2020 Footnotes:1 Includes a $210 million mortgage that is being assumed by RCG Ventures, LLC.2 Includes $256 million and $210 million mortgages being assumed by RCG Ventures, LLC.
Yahoo
23-06-2025
- Business
- Yahoo
AEM's Debt Discipline Deepens: Lower Leverage a Recipe for Growth?
Agnico Eagle Mines Limited AEM has made impressive strides in fortifying its balance sheet, underscoring its commitment to financial discipline. It remains focused on paying down debt using excess cash, having reduced net debt by a staggering $1,287 million in 2024. It further slashed net debt by $212 million sequentially to just $5 million at the end of the first quarter. The company's long-term debt-to-capitalization is just around 5%, indicating lower financial risks. This sharp deleveraging was driven by strong free cash flow generation. AEM has a robust liquidity position and generates substantial cash flows, which allow it to maintain a strong exploration budget, finance a strong pipeline of growth projects, pay down debt and drive shareholder value. It generated solid first-quarter free cash flows of $594 million, up around 50% year over year, backed by the strength in gold prices and robust operational results. The company's aggressive deleveraging efforts have rendered enhanced financial flexibility, underpinning confidence in its capacity to fund growth and drive shareholder returns without over-reliance on external financing. Agnico Eagle's ultra-low debt profile also offers a competitive edge in addition to bolstering its ability to reinvest in exploration and development across the peer landscape, Kinross Gold Corporation KGC has also taken steps to improve its leverage profile, thanks to strong free cash flow generation. Kinross repaid $800 million of debt during 2024 and the remaining $200 million of its term loan in the first quarter, reducing its net debt to around $540 million. Notably, Kinross' free cash flow more than doubled year over year to $370.8 million in the first quarter. Newmont Corporation NEM is balancing deleveraging with post-Newcrest acquisition integration and asset streamlining through strategic non-core divestments. Newmont has reduced debt by $1 billion since the beginning of 2025. Newmont ended the first quarter with net debt of $3,221 million, down from $5,308 million at the end of 2024. Agnico Eagle's shares have rallied 54.7% year to date against the Zacks Mining – Gold industry's rise of 54.4%, driven by an upswing in gold prices. Image Source: Zacks Investment Research From a valuation standpoint, AEM is currently trading at a forward 12-month earnings multiple of 19.96, a roughly 42.9% premium to the industry average of 13.97X. It carries a Value Score of C. Image Source: Zacks Investment Research The Zacks Consensus Estimate for AEM's 2025 and 2026 earnings implies a year-over-year rise of 42.6% and 0.8%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days. Image Source: Zacks Investment Research AEM stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Newmont Corporation (NEM) : Free Stock Analysis Report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Globe and Mail
23-06-2025
- Business
- Globe and Mail
AEM's Debt Discipline Deepens: Lower Leverage a Recipe for Growth?
Agnico Eagle Mines Limited AEM has made impressive strides in fortifying its balance sheet, underscoring its commitment to financial discipline. It remains focused on paying down debt using excess cash, having reduced net debt by a staggering $1,287 million in 2024. It further slashed net debt by $212 million sequentially to just $5 million at the end of the first quarter. The company's long-term debt-to-capitalization is just around 5%, indicating lower financial risks. This sharp deleveraging was driven by strong free cash flow generation. AEM has a robust liquidity position and generates substantial cash flows, which allow it to maintain a strong exploration budget, finance a strong pipeline of growth projects, pay down debt and drive shareholder value. It generated solid first-quarter free cash flows of $594 million, up around 50% year over year, backed by the strength in gold prices and robust operational results. The company's aggressive deleveraging efforts have rendered enhanced financial flexibility, underpinning confidence in its capacity to fund growth and drive shareholder returns without over-reliance on external financing. Agnico Eagle's ultra-low debt profile also offers a competitive edge in addition to bolstering its ability to reinvest in exploration and development projects. Looking across the peer landscape, Kinross Gold Corporation KGC has also taken steps to improve its leverage profile, thanks to strong free cash flow generation. Kinross repaid $800 million of debt during 2024 and the remaining $200 million of its term loan in the first quarter, reducing its net debt to around $540 million. Notably, Kinross' free cash flow more than doubled year over year to $370.8 million in the first quarter. Newmont Corporation NEM is balancing deleveraging with post-Newcrest acquisition integration and asset streamlining through strategic non-core divestments. Newmont has reduced debt by $1 billion since the beginning of 2025. Newmont ended the first quarter with net debt of $3,221 million, down from $5,308 million at the end of 2024. The Zacks Rundown for AEM Agnico Eagle's shares have rallied 54.7% year to date against the Zacks Mining – Gold industry's rise of 54.4%, driven by an upswing in gold prices. From a valuation standpoint, AEM is currently trading at a forward 12-month earnings multiple of 19.96, a roughly 42.9% premium to the industry average of 13.97X. It carries a Value Score of C. The Zacks Consensus Estimate for AEM's 2025 and 2026 earnings implies a year-over-year rise of 42.6% and 0.8%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days. AEM stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks' Research Chief Names "Stock Most Likely to Double" Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest. This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%. Free: See Our Top Stock And 4 Runners Up Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Newmont Corporation (NEM): Free Stock Analysis Report Kinross Gold Corporation (KGC): Free Stock Analysis Report Agnico Eagle Mines Limited (AEM): Free Stock Analysis Report
Globe and Mail
20-06-2025
- Business
- Globe and Mail
Rogers closes CDN$7 billion equity investment transaction
Proceeds will be used to repay debt Rogers will maintain full operational control of its wireless network TORONTO, June 20, 2025 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced it has closed its CDN$7 billion equity investment from funds managed by Blackstone, backed by leading Canadian institutional investors. Blackstone has acquired a non-controlling interest in a new Canadian subsidiary of Rogers that owns a portion of Rogers wireless backhaul transport infrastructure. Rogers is maintaining full operational control of its network and will include the financial results of the subsidiary in its consolidated financial statements. 'This transaction demonstrates the confidence investors have in Rogers and our world-class assets,' said Tony Staffieri, President and CEO. 'With this significant investment, we are unlocking the unrecognized value of critical assets and executing on our commitment to de-lever our balance sheet.' The investor group led by Blackstone includes Canada Pension Plan Investment Board (CPP Investments), Caisse de dépôt et placement du Québec (La Caisse), the Public Sector Pension Investment Board (PSP Investments), British Columbia Investment Management Corporation (BCI) and the Investment Management Corporation of Ontario (IMCO). Additional information about the transaction and its terms and conditions is available under Rogers profile on SEDAR+ at About Rogers Communications Inc. Rogers is Canada's leading communications and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For more information, please visit or
