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Novanta Inc. (NASDAQ: NOVT) entered into a Fourth Amended & Restated Credit Agreement on 27 June 2025 that replaces its 2019 facility scheduled to mature in March 2027. The new agreement provides an aggregate senior secured credit capacity of approximately US$1.0 billion, broken down into:

• 鈧�65.31 million 5-year Euro-denominated term loan
• $75 million 5-year US-dollar term loan
• $850 million 5-year revolving credit facility

The maturity is extended to June 2030, and an uncommitted accordion feature can raise total commitments by an additional $350 million, subject to customary conditions. Interest is set at (i) Base Rate + 0鈥�0.75 ppt or (ii) SOFR/SONIA/EURIBOR + 1.00鈥�1.75 ppt, with pricing tied to the company鈥檚 consolidated leverage ratio. A commitment fee applies to unused revolver capacity.

Key financial covenants tested quarterly include: (1) maximum consolidated leverage ratio of 3.5脳 (step-up to 4.0脳 for four quarters following qualifying acquisitions >= $50 million) and (2) minimum fixed-charge coverage ratio of 1.25脳. The facilities are secured by senior liens on substantially all assets of Novanta and certain subsidiaries and contain customary negative covenants on mergers, asset sales, indebtedness, investments and liens.

Required quarterly principal amortization begins September 2025 for the Euro term loan and September 2026 for the US term loan, with final balloon payments due at maturity. Prepayments from asset sales, casualty events or incremental debt are mandatory, while voluntary prepayments and commitment reductions are permitted without premium.

Outstanding borrowings under the prior facility were $392.4 million as of 28 March 2025. The new structure enhances liquidity headroom, extends tenor, and provides interest-rate optionality, but also secures the debt and maintains leverage limits that investors should monitor.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Autocallable Barrier Securities maturing 6 July 2027 with a total face amount of $922,000 (1,000-denomination). The unsecured notes are linked to the worst performer of three U.S. equity indices: Nasdaq-100 (22,679.01), Russell 2000 (2,175.035) and S&P 500 (6,204.95).

Key mechanics: 1) Automatic early redemption on 30 Jun 2026 if every index closes at or above its initial level, paying principal plus a 12 % premium ($1,120). 2) If not called, final payout on 30 Jun 2027 depends solely on the worst performer: 鈥� Appreciation participates at a 300 % upside rate. 鈥� If the worst performer is 鈮� initial but 鈮� 70 % barrier, only principal is returned. 鈥� If it falls below the 70 % barrier, investors lose 1 % of principal for each 1 % decline, up to total loss.

The notes do not pay coupons, are not listed, and carry the credit risk of both CGMHI and Citi. Issue price is $1,000, but the internal estimated value is $980.60; underwriting fee up to $10 per note. CGMI will make a secondary market on a best-efforts basis only.

Risk highlights include potential total loss of investment, reliance on a single worst-performing index, high valuation sensitivity on only two observation dates, liquidity constraints, small-cap volatility in Russell 2000, and uncertain tax treatment. The modest offering size and routine structure suggest limited impact on Citi鈥檚 overall financials.