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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (89575)4/3/2001 8:38:33 PM
From: pater tenebrarum  Read Replies (2) of 436258
 
they pay 5% annually (of course the yield is now higher, since they trade at a 40% discount to par) and are linked to the gold price (i.e. if the gold price exceeds 362,15 at maturity, the difference between the reference price and the average gold price over 20 days 55 days prior to maturity is being paid). holders can elect to convert into common at maturity, but the co. has the right to pay in cash, or a combination of cash and common, if it so prefers. the price if they are converted is 95% of the average price of the 20 trading days for the period ending 5 days prior to maturity.
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