高級(jí)公司金融long-termdebt(文件)
【正文】 to a syndicate of other banks. ? A syndicated loan may be publicly traded. ? A syndicated loan may be a line of credit. ? Syndicated loans are always rated investment grade. 。P39。P39。 the property can be sold in the event of default to satisfy the debt for which security is given. ?Debt securities can be classified according to the collateral protecting the bondholders ? Collateral is a general term for the assets that are pledged as security for payment of debt. Different Types of Collaterals ?Collateral Trust Bonds ? Common stocks as collaterals ?Mortgage Securities ? Real estate or other long term assets as collaterals ? Closedend and open end ? Borrowers are sometimes required to maintain and insure the property ?Debentures (Unsecured Bond) ? No specific pledge of property Protective Covenants ?Protective covenant ? That part of the indenture or loan agreement that limits certain actions of the borrowing pany ?Two types of covenants ? Negative covenant ? Positive covenant Negative Covenants ?Negative covenant limits or prohibits actions that the pany may take. ?Some typical examples: ? Limitations are placed on the amount of dividends a pany may pay ? The firm cannot pledge any of its assets to other lenders ? The firm cannot merge with another firm ? The firm may not sell or lease its major assets without approval by the lender ? The firm cannot issue additional longterm debt Positive Covenants ?Positive covenant specifies an action that the pany agrees to take or a condition the pany must abide by. ?Some typical examples: ? The pany agrees to maintain its working capital at a minimum level. ? The pany must furnish periodic financial statements to the lender. The Sinking Fund ?Bonds can be repaid either at maturity or before maturity. ?A sinking fund is an account managed by the bond trustee for the purpose of repaying the bonds ?The firm makes payments to the trustee, who repurchases randomly chosen bonds. ? Repurchases the bonds in the open market ? Retire the bonds exercising the call provision. Sinking Fund Arrangements ?There are many different kinds of sinkingfund arrangements: ? Most start between 5 and 10 years after initial issuance. ? Some establish equal payments over the life of the bond. ? Most highquality bond issues establish payments to the sinking fund that are not sufficient to redeem the entire issue. ?Two opposing effects of sinking funds ? Sinking funds provide extra protection to bondholders. ? Sinking funds give the firm an attractive option. Call Provision ?A call provision lets the pany repurchase or call the entire bond issue at a predetermined price over a specified period. ?Call premium is the difference between the call price and face value. Generally call price is above the face value. ?The bond is call protected (deferred call) during the first few years of a bond’s life, which means call provisions are not usually operative in this period. “Make Whole” Call ?“Make whole” call: bondholders receive approximately what the bonds are worth if they are called. ?Makewhole call price: the present value of the remaining interest and principal payments at a rate specified in the indenture. ?Bonds with makewhole call generally do not have deferred call fea
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