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To: Jeff Jordan who wrote (244282)	6/6/2003 1:18:59 PM
From: Perspective	Respond to of 436258

.DELETED

To: Jeff Jordan who wrote (244282)	6/6/2003 1:19:25 PM
From: Perspective	Respond to of 436258

Crap like this is why the market keeps going up. Explain to me why anyone would lend money to Western Wireless for the same rate as they would the US Government, based only on the chance that the lottery ticket (the company stock) might hit in the coming years. New Issue-Western Wireless sells $100 mln in conv Friday June 6, 10:25 am ET WHITE PLAINS, N.Y., June 6 (Reuters) - Western Wireless Corp. (NasdaqNM:WWCA - News), the Bellevue, Washington-based wireless telephone operator, late Thursday sold $100 million in subordinated convertible bonds in the 144a private placement market, said market sources on Friday. The securities were sold with a coupon of 4.625 percent and at a premium of 38 percent above Thursday's $11.20 closing price of the company's shares on the Nasdaq. Citigroup was the sole lead manager for the sale, the sources said. BORROWER: WESTERN WIRELESS CORP. AMT $100 MLN* COUPON 4.625 PCT MATURITY 6/15/2023 CONV PRICE 15.456 CONV RATIO 64.6998 ACCR INT 6/11/2003 TYPE SUB CONV BONDS ISS PRICE 100 FIRST PAY 12/15/2003 LAST MOODY'S Caa2 YIELD N/A PAY FREQ SEMI-ANNUAL LAST S&P CCC CNV PREM 38 PCT NON-CALLABLE 3 YEARS** $15 MLN GREENSHOE OVERALLOTMENT OPTION (15 PCT) *PUTS AFTER 10 AND 15 YEARS Does anyone have a solid understanding of the trades behind it that make this BS possible? It must be creating serious market inefficiencies (ie temporary pricing "errors") that will have to be paid for down the road. I'd like to learn how to take the opposite side of this foolish trade. BC