No. of Recommendations: 1
I do not know the effect of any potential spin-off on the debentures - however, I find it hard to believe the debt's covenants would allow for the real estate to be transferred to another entity without any form of equivalent credit enhancement. I'd read the indenture if I was serious about buying the issue - maybe I'll move from an all stock to an all bond portfolio when blue chip equity prices take off and bond prices become depressed.
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