Exchangeable Debt

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Exchangeable Debt

A debt security that the holder may exchange, at a certain price, for common stock in the company other than the one that issued the debt security. The number of shares one receives for each security and the price one pays for those shares are determined when the exchangeable debt is issued. Most of the time, the common stock is in a subsidiary of the company that issued the exchangeable debt. Exchangeable debt is a low-risk investment, but it affords the investor a great amount of leeway because he/she can exchange it for another security with higher risk and a higher return. Exchangeable debt operates like a convertible bond; the main difference is the fact that in a convertible bond the common stock that one may buy is the stock of the company issuing the bond rather than that of a subsidiary.
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--$235,604,000 class 1E-F5 exchangeable notes 'Bsf'; Outlook Stable;
Concurrently with the offering of the notes, Cypress intends to enter into separate privately-negotiated agreements with certain holders of the outstanding 2.00% Senior Exchangeable Notes due 2020 (the 2020 Notes) issued by Spansion LLC, a wholly-owned subsidiary of Cypress, to exchange their 2020 Notes for cash for the aggregate principal amount of such exchanged 2020 Notes (plus accrued and unpaid interest thereon) and shares of Cypress common stock (common stock).
In return for extinguishing the exchangeable notes, noteholders will receive consideration in the form of SunEdison's membership equity interest in certain under development renewable energy assets as well as a specified number of Class A shares of TerraForm Power, Inc.
The company has priced an offering of USD175,000,000 aggregate principal amount 12% first-priority senior secured notes due 2015 at an issue price of 105.182% plus accrued interest from 1 December 2010 (the First Lien Notes) and USD500,000,000 aggregate principal amount 12% second-priority secured notes due 2017 at an issue price of 100% plus accrued interest from 9 December 2010 (the Second Lien Notes), as well as an offering of USD650,000,000 aggregate principal amount 8.25% exchangeable notes due 2040 at an issue price of 100% plus accrued interest from 8 December 2010 (the Exchangeable Notes).
America West Airlines has completed its private placement of USD75m issue price of its Senior Exchangeable Notes due 2023.
M2 EQUITYBITES-March 21, 2019-GOL Equity Finance offers USD 300m in exchangeable notes due 2024
--$595,055,000 class A1 exchangeable notes 'AAAsf'; Outlook Stable;
As a result of the settlement, ING Group has received EUR 2.0 billion in gross proceeds from the sale of 77 million existing ordinary shares in NN Group and the exchange into NN Group ordinary shares of EUR 450 million in mandatorily exchangeable notes. Consequently, ING's ownership of NN Group has been reduced to 71.4%.
After receiving shareholder approval, the 26,700,000 contingent mandatorily exchangeable notes which AIB sold at USD77.50 per note have been mandatorily exchanged for the M&T Shares and the net proceeds of the notes offering have been released to AIB.
America West Airlines is planning to sell USD75m issue price of Senior Exchangeable Notes due 2023.
--$604,620,000 class A1 exchangeable notes 'AAAsf'; Outlook Stable;
The selling stockholders acquired the FWONK shares (or, as applicable, the exchangeable notes for which such shares will be exchanged just before settlement and closing) in January 2017, related to Liberty's acquisition of Delta Topco Limited, the parent company of Formula 1.