Debt Refinancing

Expleo Extends Term Loan B to 2030 After Portfolio Disposals

Cologne – October 30, 2026 -- Expleo has extended its Term Loan B (TLB) to March 2030 and its revolving credit facility to September 2029, with unanimous lender support, after completing targeted portfolio disposals.

Amend-and-extend deal took effect on October 26, 2026

The amend-and-extend (A&E) financing agreement became effective on October 26, 2026. All lenders backed it. The TLB now matures in March 2030, and the revolving credit line runs to September 2029.

Expleo also used proceeds from the disposals to partially repay the TLB. The company says the repayment and the longer maturities align its capital structure with its portfolio realignment and give it planning certainty for its operating plan. The source does not disclose the size of the repayment, the disposal values or the divested units.

Sands China Prices $1B Senior Notes to Refinance 2.300% Debt

Image
Sands China Prices $1B Senior Notes to Refinance 2.300% Debt

LAS VEGAS – October 29, 2026 -- Sands China Ltd. has priced $1 billion of senior notes, with net proceeds of approximately $989 million earmarked largely to refinance existing debt, parent company Las Vegas Sands Corp. (NYSE: LVS) said.

Two-tranche offering carries coupons of 6.400% and 6.700%

The majority-owned LVS subsidiary priced $700 million of 6.400% senior notes due 2032 and $300 million of 6.700% senior notes due 2033. The offering is expected to close on November 3, 2026, subject to customary closing conditions.

Proceeds will retire $700 million of 2.300% notes due 2027

Sands China will combine the net proceeds with cash on hand to redeem in full its US$700 million 2.300% senior notes due 2027, plus accrued interest. The 6.400% coupon on the new 2032 tranche is 4.1 percentage points above the coupon on the notes being retired.

Sands China Plans USD Notes to Refinance $700M 2.300% Debt

Image
Sands China Plans USD Notes to Refinance $700M 2.300% Debt

LAS VEGAS – October 29, 2026 -- Sands China Ltd. plans to issue USD-denominated senior unsecured notes to redeem in full its outstanding US$700 million 2.300% senior notes due 2027, parent company Las Vegas Sands Corp. (NYSE: LVS) said.

Proceeds target bond redemption, revolver repayment and capex

Sands China will combine net proceeds with cash on hand to redeem the 2027 notes plus any accrued interest. It will also repay the outstanding balance on its 2024 SCL Revolving Facility. Remaining funds are earmarked for general corporate purposes, including capital expenditures.

The principal amounts, interest rates and other key terms will be set at pricing. None have been disclosed.

Southwest Airlines Prices $1.25B Senior Notes Offering

Image
Southwest Airlines Prices $1.25B Senior Notes Offering

DALLAS – October 27, 2026 -- Southwest Airlines Co. (NYSE: LUV) priced an underwritten public offering of $1.25 billion in senior notes, split across two fixed-rate tranches maturing in 2029 and 2031.

Southwest splits the offering into $600 million at 5.750% and $650 million at 6.000%

The 2029 Notes total $600 million and carry a 5.750% rate. The 2031 Notes total $650 million and carry a 6.000% rate. The offering is expected to close on or about November 2, 2026, subject to customary closing conditions.

Proceeds may repay $300 million of 3.000% notes due November 15, 2026

Southwest plans to use net proceeds for general corporate purposes. These may include repaying at maturity all of its outstanding $300 million aggregate principal amount of 3.000% notes due November 15, 2026. Proceeds may also fund the repayment or redemption of other indebtedness or corporate obligations.

MSC Income Fund Closes First $75M of $150M 6.83% Notes

Image
MSC Income Fund Closes First $75M of $150M 6.83% Notes

Houston – – October 12, 2026 -- MSC Income Fund (NYSE: MSIF) has closed the first $75.0 million tranche of a $150.0 million private notes offering carrying a fixed 6.83% annual interest rate, the Fund said on September 1, 2026.

Second $75.0 million tranche is due in October 2026

The unsecured Notes mature on September 30, 2029, with interest payable semiannually. The remaining $75.0 million will be issued in October 2026, subject to customary closing conditions.

MSC Income may redeem the Notes in whole or in part at any time at par plus accrued interest to the prepayment date. A make-whole premium applies if applicable.

Proceeds will refinance 4.04% Series A Senior Notes maturing October 30, 2026

The Fund plans to use the net proceeds to repay its $150.0 million of outstanding 4.04% Series A Senior Notes on or before their October 30, 2026 maturity. The new Notes carry a coupon 2.79 percentage points above the maturing debt.

Quaker Houghton Closes $550M Term Loan B, Extends Maturity to 2033

Image
Quaker Houghton Closes $550M Term Loan B, Extends Maturity to 2033

Conshohocken, Pa. – October 02, 2026 -- Quaker Houghton (NYSE: KWR) has closed a new 7-year, $550 million Term Loan B facility, refinancing its existing U.S. Term Loans and pushing debt maturity out to October 2033.

New facility carries SOFR plus 175 basis points pricing

The Term Loan B amends the company's existing Credit Agreement, with proceeds used to repay in full the U.S. Term Loans previously outstanding. Quarterly amortization payments will equal 0.25% of the initial $550 million principal, with the remaining balance due at the October 2033 maturity date.

OpenText Caps $300M Bond Buyback, Sets 43% Proration

Image
OpenText Caps $300M Bond Buyback, Sets 43% Proration

Waterloo, ON – October 01, 2026 -- Open Text Corporation (NASDAQ: OTEX; TSX: OTEX) will accept the full $300 million aggregate maximum tender amount of its outstanding 3.875% Senior Notes due 2028, applying a proration factor of 43.047752% to validly tendered bonds after the offer expired at 5:00 p.m. New York time on October 01, 2026.

OpenText confirms full subscription of its $300 million tender cap on 2028 notes

The Tender Offer Consideration was set by reference to a fixed spread over the yield to maturity of a benchmark U.S. Treasury Security, with the reference yield calculated by dealer managers at 3:00 p.m. New York time on the expiration date. Payments will include accrued and unpaid interest from the last interest payment date through, but not including, the settlement date. Settlement for bonds accepted is expected to occur on October 01, 2026, two business days after expiration.

CPKC Unit Prices C$1.8 Billion Four-Tranche Bond Offering

Image
CPKC Unit Prices C$1.8 Billion Four-Tranche Bond Offering

Calgary, AB – September 29, 2026 -- Canadian Pacific Railway Company (CPRC), the wholly owned subsidiary of Canadian Pacific Kansas City Limited (TSX: CP) (NYSE: CP), is issuing C$1.8 billion in notes across four tranches, guaranteed by parent CPKC.

CPRC structures debt sale across four maturities from 2030 to 2056

The offering comprises C$500 million of 4.20% Notes due 2030, C$550 million of 4.60% Notes due 2033, C$300 million of 4.90% Notes due 2037 and C$450 million of 5.40% Notes due 2056. The staggered maturity profile spans 4 to 30 years, giving CPKC a blended long-term debt structure.

Net proceeds target refinancing of existing CPRC debt

CPKC stated the funds will be used primarily for refinancing outstanding indebtedness and for general corporate purposes. Until deployed, unused proceeds may be parked in short-term investment-grade securities, money market funds or bank deposits.

NCIG Completes Tender Offer for 2027 Notes at $993.11 Per $1,000

Newcastle – September 24, 2026 -- Newcastle Coal Infrastructure Group Pty Ltd (NCIG) has concluded a cash tender offer for its outstanding 4.400% Guaranteed Senior Secured Notes due 2027, setting a Tender Offer Consideration of US$993.11 per US$1,000 of principal validly tendered.

Offer expired September 23 with all valid tenders set for acceptance

The offer, launched under an Offer to Purchase dated September 8, 2026, closed at 5:00 p.m. New York City time on September 23, 2026, with withdrawal rights lapsing at the same moment. Global Bondholder Services Corporation, acting as tender and information agent, confirmed that a portion of the outstanding notes had been validly tendered and not withdrawn as of the expiration deadline. NCIG said it expects to accept for purchase all securities validly tendered and not withdrawn.