MetLife intends to use all of the proceeds from the offering of its 68,570,000 shares of common stock to repurchase and cancel the 6,857,000 shares of contingent convertible
preferred stock owned by AIG.
The rating of 'C/RR6' on YRCW's contingent convertible
senior notes and the USF notes reflects Fitch's expectation of very poor recovery prospects of 10% or less should the company ultimately file for bankruptcy.
As a result of the amendment to the credit facility and the issuance of the $400 million of contingent convertible
senior notes in November 2008, the company currently has liquidity in the form of cash and available borrowings of approximately $550 million, and there are no borrowings outstanding under the credit facility.
25% contingent convertible
senior notes due 2029 'BB'; on Rating Watch Negative.
According to Reuters, the finance minister of Slovenia, Janez Sustersic, has said that Nova Ljubljanska Banka (NLB), considered to be the biggest bank in Slovenia, could sell a contingent convertible
(CoCo) bond this month.
The consideration for each $1,000 principal amount of 5% Contingent Convertible
Notes and 5% Net Share Settled Notes tendered and accepted for purchase pursuant to the Tender Offer shall be $500, plus Accrued Interest, and the consideration for each $1,000 principal amount of 3.
The new Contingent Convertible
Senior Notes have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state laws.
The state will receive contingent convertible
bonds in exchange for the injections into BCP and BPI, the banks said.
Stockholders to vote on conversion feature of recently-issued contingent convertible
The downgrade of YRCW's IDR to 'C' from 'CC' follows today's announcement that the company intends to make an offer to holders of YRC Regional Transportation's notes (known as the USF notes), as well as holders of YRCW's contingent convertible
senior notes, to exchange the notes for shares of YRCW common stock.
5bn into BPI at the end of June in exchange for contingent convertible
With this approval, all 2,407,644 shares of the company's Contingent Convertible
Perpetual Non-Cumulative Preferred Stock will automatically convert into approximately 30.