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Technology Stocks : Winstar Comm. (WCII)
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To: Jason Cogan who wrote (6193)5/18/1998 11:50:00 AM
From: NoMoreRBOC  Read Replies (1) of 12468
 
Jason:

Bonds were issued in October 1995. There are a bunch of posts in this thread regarding these bonds, their conversion prices and mechanics, etc.. I would look back a few weeks worth and you'll find the theme.

Generally speaking...the bonds are 14% senior subordinated discounts due 2005. These notes can be converted by the holders at any time into common stock. The number of shares of common stock issuable upon conversion is determined by dividing the value of the notes (which is increasing everyday because of accretion/interest) by $20.625. Had the market price of the common stock exceeded $40.75 for 40 days a few weeks back, Winny could have automatically converted these notes into common stock on the same basis, thereby eliminating some debt, causing some dilution, and generally making this portion of its debt go away.

Appreciate you keeping us Winny Bulls on our toes here.

NMR
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