金融工程案例解析(英文版)-文庫吧資料
2025-01-07 03:52本頁面
【正文】 The day before the first announcement of a possible takeover for RJR Nabisco, its stock had traded at $. ? Thus, KKR offered mon shareholders a 41% premium over the firm’s pretakeover value. ? To finance the buyout, KKR increased RJR’s debt from $5 billion to $29 billion. Financial Engineering 返回目錄 8 Background 4 ? The new firm was structured as a series of holding panies. ? Each of these related entities had separate obligations, issued either in conjunction with the acquisition or, in the case of RJR Nabisco, Inc, the operating pany, carried over from the takenover firm. Financial Engineering 返回目錄 9 Part Two: Description of Securities Financial Engineering 返回目錄 10 Issuance ? In May 1989, RJR holdings Capital Corporation issued three nearly identical debt securities in connection with the leveraged buyout of RJR Nabisco by KKR – $ billion of 15percent paymentinkind subordinated debentures due 2023 (payinkind bond) – $ billion of subordinated discount debentures due 2023 (deferredcoupon bond) – $525 million of subordinated debentures due 2023 (cashpaying bond) Financial Engineering 返回目錄 11 Financial Engineering 返回目錄 12 Financial Engineering 返回目錄 13 Difference ? The major difference among the three securities is the form in which interest is paid. Financial Engine
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