Byline: Steven Goldberg, Kiplinger Washington Editors <![CDATA[A lot of the investors I talk with are nervous about the stock market. If you want to reduce your risk, convertible securities are an ideal solution. And Fidelity Convertible Securities fund symbol FCVSX is...
The paper examines a comprehensive set of private and public security issuance decisions by publicly traded companies. The market for public firms issuing private securities is large. Of the over 13,000 issues we examine, more than half are in the private market. The paper finds that asymmetric information and moral...
This paper examines a comprehensive set of private and public security issuance decisions by publicly traded companies. It studies private and public issues of debt, convertibles, and common equity securities. The market for public firms issuing private securities is large. Of the over 13,000 issues the paper examines, more than...
The objective of this study is to examine the firm's corporate financing choices with particular focus on recent innovations in mandatory convertible securities. Specifically, the paper examines under what conditions firms issue straight debt, convertible bonds, mandatory convertibles and straight equity. The paper analyzes the firm's decision from a risk...
Hercules has issued $350 million of 9.42% trust-preferred securities, underwritten by Merrill Lynch, to refinance the $2.75 billion in bank credit used to acquire BetzDearborn last July. Standard & Poor's New York downgraded Hercules from single-A-minus to triple-B-minus, the minimum investment-grade rating, following the purchase...
This paper examines the asset class of future-priced securities, a financial innovation that can, under the right circumstances, provide a lifeline to otherwise viable companies experiencing liquidity constraints. The authors argue that the market underperformance and corporate failures frequently associated with the issuance of future-priced securities cannot in themselves be...
Internet convertibles performed like BMW convertibles during the first half of 1999, zooming ahead 45%. That's not supposed to happen in the investment world, where convertibles are supposed to be safe and conservative, not racy. Instituti...
The dollar volume of outstanding convertible debt securities has grown more than 50% per year over the past five years, driven in part by issuers in search of cheap debt financing and in part by investors in search of the upside potential of a stock with the security of a...
This document explains the term Convertibles, sometimes called CVs, are referring to either a convertible bond or a preferred stock convertible. A convertible bond is a bond which can be converted into the company's common stock. Convertibles typically offer a lower yield than a regular bond because there is the...
The Labour Party shook off the spectre of financial collapse yesterday by agreeing a two-year "interest rate holiday" with seven millionaire businessmen who extended the terms of their controversial loans. Labour agreed to repay the 9.2m in loans from its wealthy backers by 2015. Other supporters converted...
Mizuho Corporate Bank Ltd and Sumitomo Mitsui Banking Corporation Agree to Provide Committed Working Capital Lines HINGHAM, Mass. -- The Talbots, Inc. (NYSE:TLB) today announced results for the third quarter ended November 1, 2008. In addition, the Company announced it has secured agreements from Mizuho Corporate Bank, Ltd...
HOUSTON, Nov. 24 /PRNewswire-FirstCall/ -- ExpressJet Holdings today announced that its Board of Directors has authorized an additional $10 million for the previously announced securities repurchase program. The company expects any purchases of the notes or the stock to be made from time to time in the...
LINCOLNSHIRE, Ill. -- Hewitt Associates, Inc. (NYSE: HEW), a global human resources services company, today announced that it would redeem all of its 2.5% Convertible Senior Notes due October 1, 2010 (the "Securities") that remain outstanding. Approximately $200,000 in aggregate principal amount of the Securities remains outstanding after the Company's...
Telecommunications equipment maker NetworkEquipment Technologies, Inc. (NYSE: NWK) today reported that since the endof its second fiscal quarter the company has repurchased $32.7 million ofits convertible securities. As a result of the purchase prices being belowthe face value of the notes, the company will recognize gain ofapproximately $14.5 million from...
Company focused on repayment of convertible securities from cash flow GOUVERNEUR, N.Y. -- Seaway Valley Capital Corporation (OTC Bulletin Board: SWYV) ("Seaway Valley") (www.seawayvalleycapitalcorp.com) chairman and chief executive officer, Thomas W. Scozzafava, announced recently that Seaway Valley had begun the exploration of certain measures meant to restructure both...
CHICAGO -- On Nov. 21, 2008, Invitrogen Corp. and Applied Biosystems Inc. completed their previously announced merger to form a new company named Life Technologies Corp. In a press release dated Aug. 4, 2008, Fitch assigned the following ratings to the merged entity: --Issuer Default Rating IDR 'BBB-';...
LOS ANGELES AP -- A security guard shot and killed a man wielding two samurai swords Sunday on the grounds of a Scientology building in Hollywood, police said. The unidentified man approached three guards around noon in the parking lot of the Scientology Celebrity Centre, Deputy Chief...
Accounts changed overnight to Regions BIRMINGHAM, Ala. -- Regions Bank (NYSE: RF) announced today that it has successfully completed the conversion of customer accounts from the former Integrity Bank. The conversion event began on November 20, with the branches reopening as converted Regions branch the next day. ...
TOKYO & MUNICH, Germany -- Renesas Technology Corp., one of the world's leading semiconductor solution providers, has transferred all shares of the former Renesas Semiconductor Europe Landshut GmbH RSEL, to Silicon Foundry Holding GmbH SFH. As of today, the former RSEL facilities in Landshut are owned by SFH, a Germany-based...
Strategic Resource Acquisition Corporation ("SRA" or the "Company") (TSX: SRZ)(TSX: SRZ.NT)(TSX: SRZ.NT.A) has been advised that the Listings Committee of the Toronto Stock Exchange ("TSX") has decided to delist the Company's common shares, 10% senior secured notes and 8% unsecured subordinated convertible notes (collectively, the "Securities") following a determination by...