IPPs and Merchant Energy Co.s Message Board

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Strategies & Market Trends : IPPs and Merchant Energy Co.s

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To: Dale Baker who wrote (863)	1/3/2003 10:15:56 AM
From: majaman1978	Read Replies (1) of 3358

Dale-Description of WMB_pi below. What is meant by reset after 11/16/2004? Also can they issue a zero coupon at some point in time? I highlighted the section in question. Williams Cos., Inc. 9% FELINE PACS 2/16/05 Symbol: WMB-I CUSIP: 969457886 Exchange: NYSE SECURITY DESCRIPTION: The Williams Cos. Inc. FELINE PACS, which initially consist of Income PACS with a stated value of $25. Each income PACS includes a stock purchase contract and $25 principal amount of their senior notes due 2/16/2007. The stock purchase contract requires the holder to buy a variable number of shares of common stock for $25 on or before 2/16/2005 and also pays a 2.50% contract adjustment rate. The senior notes pay a quarterly distribution of 6 1/2% on 2/16, 5/16, 8/16 & 11/16 and subject to reset after 11/16/2004. The holder of the Income PACS may create a growth PACS by substituting zero coupon Treasury securities for the senior notes. See the IPO Prospectus for further details

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