AG真人官方

ANI Pharmaceuticals (ANIP) 鈥� Form 4 filing, 21 Jul 2025. Sr. VP, General Counsel & Secretary Meredith W. Cook reported a tax-related share withholding transaction on 18 Jul 2025.

• Transaction type: Code F (shares withheld to satisfy taxes on vested restricted stock).
• Securities affected: 2,071 common shares at an implied price of $66.30, total 鈮� $0.14 million.
• Post-transaction holding: Cook now directly owns 76,874 common shares.
• Derivative positions: No derivative transactions reported; prior option/RSU holdings unchanged.

The filing reflects routine tax withholding rather than an open-market sale. Cook retains >97% of her pre-vesting equity stake, signalling continued alignment with shareholders. No impact on the company鈥檚 operations, earnings outlook or governance structure was disclosed.

Prospect Capital Corporation (PSEC) intends to issue three new series of senior unsecured Prospect Capital InterNotes庐 under its shelf registration (File No. 333-269714):

• 7.500% Notes due 7/15/2028 (CUSIP 74348GWF3)
• 7.750% Notes due 7/15/2030 (CUSIP 74348GWG1)
• 8.000% Notes due 7/15/2032 (CUSIP 74348GWH9)

Each tranche will be sold in $1,000 denominations at modest discounts to par (selling concessions 1.125% / 1.700% / 1.950%) and will accrue interest from the 7/24/2025 settlement date, payable semi-annually on 1/15 and 7/15, commencing 1/15/2026. The notes are callable at 100% of principal beginning 1/15/2026 and daily thereafter. A Survivor鈥檚 Option allows early repayment upon the death of the beneficial owner, subject to annual volume caps.

The offering is being marketed by InspereX (purchasing agent) with Citigroup and RBC Capital Markets as agents. Net proceeds (after concessions) were not disclosed in dollar terms but will be used for general corporate purposes.

Capital structure implications: As of 2/8/2023, PSEC had $1.9 billion of unsecured senior debt and $0.7 billion of secured debt outstanding. The new issuance will add incremental fixed-rate leverage at coupons materially above the company鈥檚 prior 3.7%鈥�6.4% public notes, signalling a higher cost of capital environment. Management recently refinanced its $342.9 million 3.706% 2026 notes鈥攖endering $135.7 million and redeeming the remaining $207.2 million鈥攖hus eliminating that maturity but replacing it with higher-coupon paper.

Recent portfolio activity: Between May 29 and July 1, 2025, PSEC sold $324.6 million (cost basis) of subordinated structured notes for $74.6 million in gross proceeds, extended $39.6 million of first-lien financing to National Property REIT Corp. and received $19 million in repayments. On 6/30/2025 the company closed the acquisition of QC Holdings, Inc., investing $55 million in senior secured debt and $22.3 million in common equity.

Company profile: PSEC is an externally managed BDC with $7.9 billion in assets and 130 portfolio companies/CLO positions as of 12/31/2022. The performing interest-bearing portfolio yielded 12.9% (10.3% overall). The credit facility (outstanding $744.7 million on 2/8/2023) is secured and structurally senior to the new notes.

Key investor considerations:

• High coupons (7.5%-8.0%) increase interest expense but lock in fixed funding before the Federal Reserve鈥檚 next rate cycle shift.
• Notes rank pari passu with existing unsecured obligations and are effectively subordinated to secured debt.
• Indenture contains limited protective covenants; no change-of-control put or financial maintenance tests.
• Liquidity events鈥攃allable at par after 6 months鈥攊ntroduce reinvestment risk if rates fall.

Union Pacific Corp. (UNP) 鈥� Form 4 insider transaction

EVP Marketing & Sales Kenyatta G. Rocker reported two small open-market acquisitions on 10 July 2025 that were executed through the company鈥檚 2021 Employee Stock Purchase Plan:

• 12.87 UNP common shares purchased directly at an indicated price of $237 per share.
• 3.025 UNP common shares purchased indirectly by the reporting person鈥檚 spouse at the same price.

Following these transactions, the executive鈥檚 beneficial ownership totals:

• Direct: 52,224.9767 shares
• Indirect 鈥� Spouse: 1,265.8917 shares
• Indirect 鈥� Deferral Account: 350 shares
• Indirect 鈥� Managed Account: 2,031.7113 shares

No derivative security activity or dispositions were disclosed. The filing is administrative in nature and does not indicate any change in strategy or outlook by Union Pacific.

United Rentals, Inc. (NYSE: URI) and several international subsidiaries executed a Fifth Amended and Restated Credit Agreement on 10 July 2025, replacing their prior asset-based revolver.

The agreement establishes a senior secured $4.5 billion asset-based loan (ABL) facility backed by first-priority liens on substantially all U.S. and certain non-U.S. assets. A $175 million ANZ tranche, along with sub-limits of $250 million for Canada and $125 million for Rest-of-World borrowers, plus multiple swing-line and LC sub-limits, provide multi-currency flexibility (USD, CAD, EUR, GBP and others).

Maturity: 10 July 2030. Drawn as of 9 July 2025: $2.049 billion. Availability: roughly $2.428 billion (net of LCs) subject to borrowing-base limits.

Pricing ranges:

• SOFR / SONIA / EURIBOR / Term CORRA + 1.00%鈥�1.25%
• Base or Canadian prime + 0.00%鈥�0.25%
• Unused line fee: 0.20%

Covenants & Security: Standard negative covenants on debt, liens, dividends, investments and M&A. No ongoing financial covenant unless availability falls below 10% for five consecutive business days, at which point a 1.0脳 fixed-charge coverage ratio springs into effect. Guarantees are provided by Holdings and extensive U.S. and international subsidiaries, with collateral including equity pledges (65% limit on voting shares of foreign subs).

Strategic Impact: The new facility extends URI鈥檚 debt maturity profile by five years, increases global liquidity, and keeps covenant pressure light under normal operating conditions鈥攕upporting working-capital needs, fleet investment and potential bolt-on acquisitions.