ch20混合的一些工具優(yōu)先股等-wenkub.com
2025-05-10 05:34 本頁面
【正文】 D0 = $。201 CHAPTER 20 Hybrid Financing: Preferred Stock, Leasing, Warrants, and Convertibles ? Preferred stock ? Leasing ? Warrants ? Convertibles 202 Leasing ? Often referred to as “off balance sheet” financing if a lease is not “capitalized.” ? Leasing is a substitute for debt financing and, thus, uses up a firm’s debt capacity. ? Capital leases are different from operating leases: ? Capital leases do not provide for maintenance service. ? Capital leases are not cancelable. ? Capital leases are fully amortized. 203 Analysis: Lease vs. Borrowandbuy Data: ? New puter costs $1,200,000. ? 3year MACRS class life。 g = 8%. ? Conversion ratio = CR = 80 shares. 2027 What conversion price (Pc) is implied by this bond issue? ? The conversion price can be found by dividing the par value of the bond by the conversion ratio, $1,000 / 80 = $. ? The conversion price is usually set 10% to 30% above the stock price on the issue date. 2028 What is the convertible’s straight debt value? ? Recall that the straight debt coupon rate is 12% and the bond’s have 20 years until maturity. INPUTS OUTPUT N I/YR PMT PV FV 20 12 100 1000 2029 Implied Convertibility Value ? Because the convertibles will sell for $1,000, the implied value of the convertibility feature is $1,000 – $ = $. = $ per share. ? The convertibility value corresponds to the warrant value in the previous example. 2030 What is the formula for the bond’s expected conversion value in any year? ? Conversion value = Ct = CR(P0)(1 + g)t. ? At t = 0, the conversion value is … C0 = 80($10)()0 = $800. ? At t = 10, the conversion value is … C10 = 80($10)()10 = $1,. 2031 What is meant by the floor value of a convertible? ? The floor value is the higher of the straight debt value and the conversion value. ? At t = 0, the floor value is $. ? Straight debt value0 = $. C0 = $800. ? At t = 10, the floor value is $1,. ? Straight debt value10 = $. C10 = $1,. ? Convertibles usually sell above floor value because convertibility has an additional value. 2032 The firm intends to force conversion when C = ($1,000) = $1,200. When is the issued expected to be called? ? We are solving for the period of time until the conversion value equals the call price. After
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