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Strategies & Market Trends : IPO and Other Stock Plays

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From: yossarian67	5/17/2005 1:03:51 PM
	of 13331

bcc...looks like they're pushing it back...goldman can't break this one after laz/wmg and no one wants it either...side note: ipohome in their 'ipo pick of the week' writeup is stating that bcc is paying off a big chunk of debt on the offering. I disagree and added a section to bottom of the BCC blog entry as to why. more academic than anything as I've no interest in owning this one....and I just don;t see BCC agreeing to a $17-18 price either so I don't see this one coming anytime soon. at $17, the debt ratio becomes overwhelming and they're just not getting enough for the cash flow either to justify the sale of stock, company would be in worse leverage shape and they'd be discounting the deal to peers by a wide margin...deal doesn't make sense from either side at that price, depends how badly insiders want that pay-off....yeah deal would look cheaper there, but the lower the price the higher the leverage and the greater chance of a future meltdown...curse of the debt-laden offerings, sometimes lower isn't even better!

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