the many different kinds of debt

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1、confirmingpagesPART7"""""CHAPTERDEBTFINANCING24TheManyDifferentKindsofDebt!InChapters17and18wediscussedhowmuchaanotherformofprivateplacementknownasprojectcompanyshouldborrow.Butcompaniesalsoneedtofinance.Thisistheglamorouspartofthedebtmarket.thinkaboutwhattypeofdebttoissue.The

2、ycanchooseThewordsprojectfinanceconjureupimagesofmulti-toissueshort-orlong-termdebt,straightorconvertiblemillion-dollarloanstofinancehugeventuresinexoticbonds;theycanissueintheUnitedStatesorinthepartsoftheworld.You’llfindthere’ssomethingtotheinternationaldebtmarket;andtheycans

3、ellthedebtpopularimage,butit’snotthewholestory.publiclyorplaceitprivatelywithafewlargeinvestors.WeconcludewithalookatafewunusualbondsandAsafinancialmanager,youneedtochoosetheconsiderthereasonsforinnovationinthedebtmarket.typeofdebtthatmakessenseforyourcompany.ForAswelookatthes

4、edifferentfeaturesofcorporateexample,ifafirmhasonlyatemporaryneedforfunds,debt,wetrytoexplainwhysinkingfunds,repaymentitshouldgenerallyissueshort-termdebt.Firmswithoptions,convertiblesecurities,andthelikeexist.Theyasubstantialoverseasbusinessmayprefertoissuearenotsimplymatters

5、ofcustomorneutralmutations;foreigncurrencydebt.Sometimescompetitionbetweentherearegenerallygoodreasonsfortheiruse.lendersopensawindowofopportunityinaparticularWeshouldpointoutthatmanydebtsarenotshownonsectorofthedebtmarket.Theeffectmaybeonlyathecompany’sbalancesheet.Forexample

6、,companiesfewbasispointsreductioninyield,butonalargeissuemaybeabletodisguisethedebtbyestablishingthatcantranslateintosavingsofseveralmilliondollars.specialpurposeentities(SPEs),whichraisecashbyaRememberthesaying,“Amilliondollarshereandamixtureofequityanddebtandthenusethatcasht

7、omillionthere—prettysoonitbeginstoadduptorealhelpfundtheparentcompany.BymakinguseofSPEs,money.”1Enronkeptalargeamountofitsdebtoff-balance-sheet,Ourfocusinthischapterisonlong-termdebt.2butthatdidnotstopthecompanyfromgoingbankrupt.WebeginourdiscussionbylookingatdifferenttypesSin

8、cetheEnronscandalaccountantshavemovedtoofbonds.Weexaminethedi