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ID:43196559
大小:500.50 KB
页数:33页
时间:2019-10-02
《Stephen Ross公司理财ch20》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、CorporateFinanceRossWesterfieldJaffeSixthEdition20ChapterTwentyLong-TermDebtPreparedbyGadyJacobyUniversityofManitobaandSebouhAintablianAmericanUniversityofBeirutChapter20Long-TermDebt20.1LongTermDebt:AReview20.2ThePublicIssueofBonds20.3BondRefunding20.4BondRati
2、ngs20.5SomeDifferentTypesofBonds20.6DirectPlacementComparedtoPublicIssues20.7Long-TermSyndicatedBankLoans20.8SummaryandConclusions20.1LongTermDebt:AReviewCorporatedebtcanbeshort-term(maturitylessthanoneyear)orlong-term.Differentfromcommonstock:Creditor’sclaimonco
3、rporationisspecifiedPromisedcashflowsMostarecallableOverhalfofoutstandingbondsareownedbylifeinsurancecompanies&pensionfundsPlainvanillabondsto“kitchensink”bondsFeaturesofaTypicalBondTheindentureusuallylistsAmountofIssue,DateofIssue,MaturityDenomination(Parvalue)A
4、nnualCoupon,DatesofCouponPaymentsSecuritySinkingFundsCallProvisionsCovenantsFeaturesthatmaychangeovertimeRatingYield-to-MaturityMarketpriceFeaturesofaHypotheticalBond20.2ThePublicIssueofBondsThegeneralprocedureissimilartotheissuanceofstock,asdescribedinthepreviou
5、schapter.Indenturesandcovenantsarenotrelevanttostockissuance.Theindentureisawrittenagreementbetweentheborrowerandatrustcompany.TheindentureusuallylistsAmountofIssue,DateofIssue,MaturityDenomination(Parvalue)AnnualCoupon,DatesofCouponPaymentsSecuritySinkingFundsCa
6、llProvisionsCovenantsPrincipalRepaymentTermbondsversusserialbondsSinkingfunds:Howdotheywork?FractionalrepaymenteachyearGoodnews---securityBadnews---unfavourablecallsHowtrusteeredeemsProtectiveCovenantsAgreementstoprotectbondholdersNegativecovenant:Thoushaltnot:pa
7、ydividendsbeyondspecifiedamountsellmoreseniordebtandamountofnewdebtislimitedrefundexistingbondissuewithnewbondspayinglowerinterestratebuyanothercompany’sbondsPositivecovenant:Thoushalt:useproceedsfromsaleofassetsforotherassetsallowredemptionineventofmergerorspino
8、ffmaintaingoodconditionofassetsprovideauditedfinancialinformationTheSinkingFundTherearemanydifferentkindsofsinking-fundarrangements:Moststartbetween5and10years
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