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One of my holdings "announces $500M medium-term note offering ..... to issue $500M of senior unsecured medium-term notes with a coupon rate of 2.609%, maturing on December 16, 2022.... net proceeds resulting from the Offering will be used to pay down existing indebtedness" ...

I have no idea what the rate was for existing indebtedness but must assume it is higher than what they will now be paying? Since they pay a generous dividend I can only applaud the move?

Tim
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net proceeds resulting from the Offering will be used to pay down existing indebtedness

In about 2 yrs, they will repeat the process (re-issuing new debt "to pay down existing indebtedness").
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