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Technology Stocks : Full Disclosure Trading

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To: advocatedevil who wrote (3586)	1/1/2003 11:30:16 PM
From: Sarmad Y. Hermiz	Read Replies (1) of 13403

Ot AD, Thanks. I had seen it already. In my opinion the most significant part of the upgrade is this. A year ago there was a major major problem with wdc because of a potential large dilution of shares to repay the bonds. Shorts were salivating at the prospect of wdc having to issue 20 or 30 million new shares in equity because at that time it did not have the money to repurchase the bonds. But that was then, and this is now. The company made much more than that in cash flow, and the bonds are no problem. In fact they have repurchased a whole bunch already. Sarmad ---------- Excerpt from Moody. "These amounts should provide sufficient liquidity to finance operations for at least the next 12 to 18 months, including FY2003 capital expenditures of $65 million and a prospective put on February 18, 2003 of the zero coupon debentures, without resorting to any outside source of capital beyond normal vendor relationships. The probability of holders putting the debentures to the company is high, because the company's common stock currently trades substantially below the conversion price of $30.78 per share. The company has stated that it would meet any prospective 2003 principal redemption from cash. "

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