Stephen Ross公司理财ch20

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1、CorporateFinanceRossWesterfieldJaffeSixthEdition20ChapterTwentyLong-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