Word: bondses
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A batch of sophisticated new financial instruments have given an added boost to the borrowing binge. They are based on a method popularized in the 1970s by organizations like the Government National Mortgage Association. That federal agency buys mortgages from lenders and then sells bonds and other securities that are...
Council members of the Jicarilla Apache tribe were jubilant last week as they gathered to discuss the use of 55,000 acres of new tribal land. The Jicarilla Apaches had paid for the land with $30.2 million raised by selling tribal revenue bonds, the first offering under a 1983 federal...
The Apaches engaged Boettcher & Co., a Denver investment banking firm, for the deal. The tax-exempt bonds, which carry interest rates of 9.1% and 9.6%, are backed by revenues from Jicarilla oil and gas wells, which total about $20 million annually, plus $108 million of other financial assets. After Standard...
In April, Turner offered CBS shareholders a no-cash package of low-grade bonds, which he valued at $175 a share. Wall Streeters, however, estimated the Turner proposal was worth only about $130 a share. "The present Turner bid has been pre-empted," concluded Drexel Burnham Analyst John Reidy.
To win TWA (1984 sales: $3.7 billion), Houston-based Texas Air offered about $925 million for the company, which includes $23 in cash and securities for each TWA common share. The investment firm Drexel Burnham Lambert will help Texas Air raise the money by underwriting "junk bonds," a popular takeover...