OneSpan Inc. (NASDAQ: OSPN) entered into a $100 million revolving credit facility on June 23, 2025, with MUFG Bank, Ltd. as administrative agent. Key terms include:

Facility Size & Purpose: $100 million total, with a $10 million sublimit for letters of credit; for general corporate purposes.

Maturity Date: June 23, 2030.

Interest Options:

Base rate loans: interest at 1.00%–1.50% above the base rate.

Term SOFR & alternative currency loans: 2.00%–2.50% above benchmark.

Interest periods: 1, 3, or 6 months (for term loans).

Commitment Fee: 0.25%–0.30% on unused amounts, based on leverage ratio.

Security: First-priority lien on substantially all tangible and intangible assets, including IP and subsidiary equity (with limitations on foreign subs).

Guarantors: Material subsidiaries must guarantee and pledge assets.

Financial & Negative Covenants: Restrictions on debt, liens, investments, asset sales, dividends, and affiliate transactions.

Defaults: Standard events of default including payment failures, covenant breaches, cross-defaults, bankruptcy, and change in control.

No amounts were drawn at closing. The agreement includes provisions for expanding the facility by up to $100 million or 100% of EBITDA, subject to conditions.

Jabil Inc. (NYSE: JBL) entered into a new $3.2 billion senior unsecured revolving credit facility on June 18, 2025, replacing its previous credit agreement from 2020. Key highlights include:

Term: 5 years, with options for unlimited one-year extensions (subject to lender approval), keeping total tenor under five years.

Potential Upsize: The facility may be increased by up to $1.0 billion.

Currencies Available: U.S. Dollars, Euros, Yen, and other approved currencies.

Interest Rates: Tied to Jabil’s unsecured debt ratings; currently, 0.075% above base rate or 1.075% above benchmark rate.

Base Rate Definition: Greater of Citibank base rate, 0.50% above fed funds, or 1.0% above Term SOFR.

Benchmark Rate Options: Term SOFR, EURIBOR, TIBOR, Daily Simple SOFR, etc.

The agreement includes customary covenants and default provisions. The facility was undrawn at signing.

Jabil terminated its previous $3.2 billion credit agreement dated January 22, 2020, with no early termination penalties.

Lender relationships: Many participating banks also have other financial service relationships with Jabil, including FX, derivatives, and trust services.

Crescent Energy Company (NYSE: CRGY) announced that its subsidiary, Crescent Energy Finance LLC, has priced a $600 million offering of 8.375% Senior Notes due 2034. The company expects net proceeds of approximately $588.1 million, which will primarily be used to:

Fund a tender offer for a portion of its outstanding 9.250% Senior Notes due 2028,

Pay related fees and expenses, and

Repay borrowings under its revolving credit facility or for general corporate purposes if funds remain.

The offering is not contingent on the completion of the tender offer and is expected to close on July 8, 2025.

The Notes will be sold to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S, and will not be registered under the Securities Act.

BofA Securities is acting as the representative of the initial purchasers, which include KKR Capital Markets LLC, an affiliate of Crescent. Other participating financial institutions may also benefit from proceeds used to repay existing credit obligations or held notes. The company has also agreed to a 60-day lockup on new debt offerings without prior consent.

Camden National Corporation (NASDAQ: CAC) has declared a second-quarter 2025 dividend of $0.42 per share, payable on July 31, 2025, to shareholders of record as of July 15, 2025. Based on the June 23 closing price of $39.72, the dividend reflects an annualized yield of 4.23%. Camden National, headquartered in Maine, is Northern New England’s largest publicly traded bank holding company with $7.0 billion in assets and 72 banking centers across Maine and New Hampshire.

Emergent BioSolutions has received a $62.4 million contract modification from the U.S. Department of Health and Human Services (HHS) to supply additional doses of its botulism antitoxin, BAT® (Botulism Antitoxin Heptavalent – Equine). The antitoxin, used to treat exposure to all seven botulinum toxin serotypes (A–G), is part of the U.S. Strategic National Stockpile and supports national biodefense readiness. The award is a modification to an existing 10-year contract. BAT® is derived from equine plasma and carries safety considerations such as risk of allergic reactions and infusion-related effects. The product's efficacy is based on animal studies. Emergent emphasized the importance of this supply in protecting public health and national security.

FedEx Delivers Strong Q4, Achieves Cost-Cutting Goals, and Honors Founder Frederick W. Smith

MEMPHIS, Tenn. – June 24, 2025 – FedEx Corp. (NYSE: FDX) closed out its fiscal year with a robust fourth-quarter performance, reporting GAAP diluted EPS of $6.88 and adjusted EPS of $6.07, buoyed by the successful completion of its $2.2 billion DRIVE structural cost reduction target. Revenue for the quarter came in at $22.2 billion, while full-year revenue reached $87.9 billion.

Key Financial Highlights – Q4 FY2025 vs. Q4 FY2024 (GAAP)
Revenue: $22.2B (+1%)

Operating Income: $1.79B (+15%)

Net Income: $1.65B (+12%)

Diluted EPS: $6.88 (+16%)

Adjusted figures strip out pension MTM adjustments, legal charges, and restructuring costs related to the planned FedEx Freight spin-off and other optimization initiatives.

Transformation Milestones and FY2025 Overview
DRIVE Program: FedEx hit its full $2.2B structural cost savings goal for FY2025 and has achieved $4.0B in savings since FY2023.

Adjusted FY2025 EPS: $18.19 vs. $17.80 (FY2024)

Capital Expenditures: $4.1B (down 22% YoY, lowest capex-to-revenue ratio in company history at 4.6%)

Stockholder Returns: $4.3B returned via $3.0B in repurchases and $1.3B in dividends

Aircraft Retirements: 12 aircraft permanently retired in line with fleet modernization strategy

Outlook for FY2026
FedEx projects:

Q1 FY2026 EPS (GAAP): $2.90–$3.50

Q1 EPS (Adjusted): $3.40–$4.00

$1B in permanent cost reductions through DRIVE and Network 2.0

Capex: $4.5B targeted for further fleet, facility, and automation investments

Dividend Increase: 5% raise to $5.80/share annually

Segment Performance
FedEx Express: Operating income up 22% YoY (Q4), driven by volume recovery and higher yield

FedEx Freight: Operating margin contracted to 20.8%, weighed by fuel surcharge reductions and wage inflation

Freight Spin-Off: Planning continues for a tax-free spin-off of FedEx Freight, targeting more focused operational execution

First Solar Sells $311.9 Million in 2025 Tax Credits to Financial Institution

TEMPE, Ariz. – June 20, 2025 – First Solar, Inc. (NASDAQ: FSLR) has entered into a Tax Credit Transfer Agreement with a leading financial institution, finalizing the sale of $311.86 million worth of advanced manufacturing production tax credits (AMPTCs) generated in early 2025 under Section 45X of the U.S. Internal Revenue Code.

Key Details:
Transaction Value: $311,858,186.10 in eligible 45X tax credits

Sale Price: $296,265,276.80 paid in a single upfront installment

Buyer: A major unnamed financial institution

Credits Origin: Derived from First Solar’s U.S.-produced module components sold to third parties

Closing Conditions: Standard representations, warranties, and absence of default

Provisions: The agreement includes standard covenants, indemnities, and termination rights

Jaguar Health Executes Note Exchange Deal, Issues New Convertible Notes and Warrants

SAN FRANCISCO, CA – June 24, 2025 – Jaguar Health, Inc. (Nasdaq: JAGX) has announced a strategic transaction with select accredited investors to restructure outstanding debt and raise potential equity capital through convertible instruments. The company has entered into Note Exchange and Warrant Purchase Agreements with certain previous investors, resulting in the issuance of new 6% convertible promissory notes and warrants.

Key Transaction Details:
Exchange Value: ~$2.57 million in aggregate principal of new 6% convertible promissory notes ("Replacement Notes")

Conversion Terms: Convertible into up to 481,150 shares of Jaguar’s common stock at a price of $5.535 per share for non-insiders and $5.555 for insiders

Warrants Issued: Accompanied by 928,582 new warrants to purchase common stock at an exercise price of $2.70, expiring within 18 months

Insider Participation: Company CEO and certain directors purchased ~$492,000 of Replacement Notes and received warrants for 177,138 shares

Use of Proceeds Clause: Jaguar must use net proceeds exceeding $8 million from future financings or licensing transactions to repay the Replacement Notes

Nasdaq Compliance: Share issuance to insiders and above Nasdaq thresholds is contingent upon shareholder approval

PG&E Corporation and Pacific Gas and Electric Company Expand and Extend Credit Agreements

OAKLAND, CA – June 24, 2025 – PG&E Corporation (NYSE: PCG) and its subsidiary, Pacific Gas and Electric Company, have each announced the successful execution of significant amendments to their respective revolving credit agreements, strengthening their liquidity positions and extending financial flexibility.

Pacific Gas and Electric Company – Utility Credit Agreement
On June 23, 2025, Pacific Gas and Electric Company signed Amendment No. 5 to its Utility Revolving Credit Agreement, originally dated July 1, 2020. The key changes include:

Extension of maturity to June 21, 2030.

Increase in total lender commitments from $4.4 billion to $5.4 billion.

Adjustments to the interest rate and commitment fee pricing grids to reflect updated market terms.

Citibank, N.A. acted as the administrative and designated agent.

PG&E Corporation – Corporate Credit Agreement
Simultaneously, PG&E Corporation entered into Amendment No. 5 to its Corporate Revolving Credit Agreement. Highlights of the amendment are:

Extension of maturity to June 22, 2028.

Increase in aggregate lender commitments from $500 million to $650 million.

Revised pricing terms for interest and fees.

JPMorgan Chase Bank, N.A. served as the administrative agent.

Both amendments support PG&E’s ongoing commitment to prudent financial management and provide enhanced liquidity for operational and strategic purposes.

ARMOUR Residential REIT Declares $0.24 Monthly Dividend for July 2025

VERO BEACH, FL – June 24, 2025 – ARMOUR Residential REIT, Inc. (NYSE: ARR) has announced a monthly cash dividend of $0.24 per share of common stock for July 2025. The dividend will be payable on July 30, 2025, to shareholders of record as of July 15, 2025.

The declaration reflects ARMOUR’s ongoing commitment to returning value to shareholders through monthly distributions. ARMOUR invests primarily in U.S. government-sponsored entity (GSE) and government-backed mortgage-backed securities (MBS).