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Non-Tech : Cendant Corporation (NYSE:CD)
CD 7.020+6.7%3:59 PM EST
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To: Wade Spencer Graves who wrote (3033)2/11/1999 6:15:00 PM
From: Benkea  Read Replies (1) of 3627
 
$1.0 bil was in the bank on 12/31/98 so who knows how much of that was used for the $1.2 bil in buyback - $1 bil of which has already been completed.

Sure is weird though that they floated $1.55 bil in bonds and took out like $2 more bil in term loans in the 4th quarter if they are so flush with cash. PS. I know this was to re-fi existing term debt. However, might not the buyback of the Prides which carry at 7.5% INTEREST payment be a better use of the funds than buying back the common? hint: what was the rate on the bonds?
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