Sector Investor,
>>>Gary, SI, and all, has anyone heard of Ascend floating a bond? I follow this thread everyday, haven't seen any mention of this.<<<
See below.
CALENDAR OF PROPOSED CONVERTIBLE SECURITIES OFFERINGS
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Compiled by the Federal Filings Convertibles Group
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The following is a forward-looking calendar of proposed
convertible securities offerings:
Company Issue Size Rating Manager Maturity
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Kennametal Inc. Feline $225M Merrill
(KMT) PRIDES Lynch & Co.
Comment: Co. will use proceeds to repay bank debt. PRIDES consist of trust preferred securities and stock purchase contracts due some time in 2001. Offering expected in January. Goldman Sachs & Co. also underwriting issue. Registered.
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KCS Energy Inc. Bond $125M B- (S&P) Smith Barney 7 yr.
(KCS) Inc.
Comment: Proceeds to be used to reduce credit facility debt. Notes
redeemable beginning some time in the year 2000. Offering also
underwritten by Prudential Securities Inc., CIBC Oppenheimer, Morgan
Keegan & Co. and Salomon Bros. Inc. Registered.
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Rainforest Cafe Bond $100M NationsBanc 6 yr.
Inc. (RAIN) Montgomery
Securities Inc.
Comment: Comment will use proceeds for development of additional units
and corp. purposes. PaineWebber Inc., Wessels Arnold & Henderson also
underwriting issue. Registered.
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Avatar Holdings Bond $100M CIBC 8 yr.
Inc. (AVTR) Oppenheimer
Comment: Co. will use proceeds to retire $33 million of its 8.0% senior
notes due 2000 and 9.0% senior notes due 2000, with remainder of
proceeds for general corp. purposes. SBC Warburg Dillon Read Inc. also
underwriting issue. Registered.
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Cygnus Inc. Bond $75M PaineWebber 5 yr.
(CYGN) Inc.
Comment: Offering expected some time this month. Morgan Stanley Dean
Witter & Co. also underwriting issue. Price talk pegs issue with 5.5%
coupon and 25% premium. Expected this week. Registered.
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Pacific Gulf Pfd
Properties Inc. (PAG)
Comment: Co. expects to offer Class A and Class B convertible preferred
shares before Jan. 1. Proceeds to be used for purchases of properties.
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Skyline Pfd
Multimedia Ent.
Inc. (SKYL)
Comment: Co. to offer 650,000 units, each consisting of one cvt.
preferred share and warrants to buy additional preferred shares.
Proceeds to be used for equity capital and to satisfy financial
obligations. Expected in latter part of first quarter 1998.
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Steven Madden
Ltd. (SHOO)
Comment: Co. said it retained Hambrecht & Quist LLC as advisor for
possible convertible private placement.
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Heico Inc. Bond $75M B- (S&P) Forum Capital 7 yr.
(HEI) B3 (M) Mkts. L.P.
Comment: Co. will use proceeds for general corporate purposes and
working capital. Raymond James & Assoc. Inc., Southeast Research
Partners Inc. also underwriting issue. Three-year hard call protection.
Registered.
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Ascend Comm. Bond 7 yr.
Inc. (ASND)
Comment: Private placement.
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Worldcom Inc. STRYPES
(WCOM)
Comment: Synthetic deal rumored to be brought by J.P. Morgan. Offering
delayed after GTE Corp. bid for MCI Corp.
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SanDisk Corp.
(SNDK)
Comment: Co. to raise capital in fourth quarter through sale of equity
or convertible debt.
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Owens Corning Feline $300M Merrill Lynch
(OWC) PRIDES & Co.
Comment: Feline PRIDES of Owens Corning Capital II used to purchase an
undisclosed amount of junior subordinated debentures of Owens Corning.
Each stock purchase unit of Owens Corning consists of stock purchase
contracts to buy Owens Corning common stock and U.S. Treasury
interests. Issue has settlement date of November 16, 2000. Credit
Suisse First Boston, Goldman Sachs & Co. also underwriting issue.
Registered.
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Ingersoll Rand STRYPES Merrill Lynch
Co. (IR) & Co.
Comment: Co. filed $1.05 billion debt and equity shelf on October 2.
Proceeds to be used for general corporate purposes. Registered.
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Enron Corp. Natwest
(ENE) Securities
Comment: Co. filed $1 billion mixed securities shelf on Sept. 12.
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Pillowtex Corp. Pfd $65M Apollo Mgmt.
(PTX)
Comment: Co. to issue convertible preferreds in connection with
acquisition of Fieldcrest Cannon Inc. for $400 million. Acquisition
expected to close by year-end.
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Market price talk with respect to impending securities offerings is
compiled from various market sources, some of whom may make a market in
or have financial interest in the issues presented. The information
contained herein does not represent a solicitation to sell or buy the
underlying issues. FFI shall not be held liable for any reason for any
errors or omissions, delays or inaccuracies or any decision made in
reliance upon price and yield indications. FFI shall not be liable to
any person for any loss of business revenues or lost profits for any
indirect, special, consequential or exemplary damages whatsoever,
whether in contract, tort or otherwise, arising in connection with the
indications, even if FFI has been advised of the possibility of such
damages. FFI makes no merchantability or fitness for a particular
purpose with respect to the indications and specifically disclaims any
such warranty.
/FEDERAL FILINGS CONTACTS: (202) 393-7856 FOR EDITORIAL,
(800) 487-6162 FOR DOCUMENT SALES,
(202) 628-8990 FOR NEWSWIRE SALES,
(888) FED-FILE FOR TECHNICAL SUPPORT,
& fedfil.com //
(END) FEDERAL FILINGS-DOW JONES NEWS 12-23-97 |
