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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: Puck who wrote (12161)	11/22/1999 3:22:00 AM
From: RockyBalboa	Read Replies (2) \| Respond to of 18998

Reg. the 144A offering of PSIX. hard to say, as long as nothing is known about the design of the debt instrument. So it can be a straight high yield issue (without conversion features) or a convertible issue with a fixed/variable conversion price with a discount or premium to today's or the then applicable stock price. Also 144A bond issues are very common, especially when the issue is not destined to hit a mass market but sold to few select investors who have no intent to resale them somewhere else. The need large quantities of financing: sec.gov The last time they did 11% USD and EUR senior notes which are not converible into common stock. Also they placed some convertible preferred stock in May 99, which has variable conversion features between a $38 and $62 stock price range.