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1、Chapter20Long-TermDebt,PreferredStock,andCommonStockAfterStudyingChapter20,youshouldbeableto:Understandtheterminologyandcharacteristicsofbonds,preferredstock,andcommonstock.Explainhowtheretirement(repayment)ofbondsandpreferredstockmaybeaccomplishedinanum
2、berofdifferentways.Explainthedifferencesbetweenvarioustypesoflong-termsecuritiesintermsofclaimsonincomeandassets,maturities,securityholders'rights,andthetaxtreatmentofincomefromthesecurities.Discusstheadvantagesanddisadvantagesofissuing/buyingthethreedif
3、ferenttypesoflong-termsecuritiesfromtheperspectiveofboththeissuerandinvestor.Long-TermDebt,PreferredStock,andCommonStockBondsandTheirFeaturesTypesofLong-TermDebtInstrumentsRetirementofBondsPreferredStockandItsFeaturesRightsofCommonShareholdersDual-ClassC
4、ommonStockBondsandTheirFeaturesBasicTermsParValueCouponRateMaturityBondRatingsBond–Along-termdebtinstrumentwithafinalmaturitygenerallybeing10yearsormore.TrusteeandIndentureTrustee–Apersonorinstitutiondesignatedbyabondissuerastheofficialrepresentativeofth
5、ebondholders.Typically,abankservesastrustee.Indenture–Thelegalagreement,alsocalledthedeedoftrust,betweenthecorporationissuingbondsandthebondholders,establishingthetermsofthebondissueandnamingthetrustee.TypesofLong-TermDebtInstrumentsInvestorslooktotheear
6、ningpowerofthefirmastheirprimarysecurity.Investorsreceivesomeprotectionbytherestrictionsimposedinthebondindenture,particularlyanynegative-pledgeclause.Anegative-pledgeclauseprecludesthecorporationfrompledginganyofitsassets(notalreadypledged)toothercredit
7、ors.Debenture–Along-term,unsecureddebtinstrument.TypesofLong-TermDebtInstrumentsInthiscase,subordinateddebentureholdersrankbehinddebentureholdersbutaheadofpreferredandcommonstockholdersintheeventofliquidation.Frequently,thesecurityisconvertibleintocommon
8、stocktolowertheyieldrequiredbysubordinateddebentureholders(oftenlessthanregulardebentures).SubordinatedDebenture–Along-term,unsecureddebtinstrumentwithalowerclaimonassetsandincomethanotherclassesofdebt;knownasjuniordebt.Ty
