For the remaining amount, a syndicate of banks consisting of Credit Agricole Corporate and Investment Bank, Handelsbanken Capital Markets, Nordea Bank AB and Swedbank AB, together the joint global coordinators, have entered into a
standby underwriting commitment, subject to customary conditions
The Lonmin Chairman Roger Phillimore stated via a written statement, "With the
standby underwriting and amended debt facilities signed we have taken two decisive steps on our way to delivering that and we are confident about our financial security.
First I address the
standby underwriting paradox described by Hansen (1989): the question of why issuing firms do not hire an underwriter on a standby basis and then set a low subscription price so that the underwriter is not required to take up shares, thus keeping costs low.
For two years from the date of the shareholders agreement, Globopar and Telmex, subject to their respective fiduciary duties, upon Telmex's request, may approve future issuances of preferred shares in public offerings with pricing to be established through bookbuilding, and Telmex would agree to provide a
standby underwriting commitment to purchase such preferred shares at a price of not less than R$0.
35 per share, and Telmex will grant a
standby underwriting guarantee for subscription, at the minimum issue price of R$0.
14, 2000, the effectiveness of the company's Registration Statement which has been filed with the Securities and Exchange Commission, and the company's entering into a definitive
standby underwriting agreement with MDB Capital Group LLC for up to 15 million unsubscribed shares in the rights offering.
14, 2000, the effectiveness of the Company's Registration Statement and the Company's entering into a definitive
standby underwriting agreement with MDB Capital Group LLC for up to 15 million unsubscribed shares in the rights offering.
14, 2000, the effectiveness of the company's registration statement which it anticipates filing with the Securities and Exchange Commission shortly and the company's entering into a definitive
standby underwriting agreement with MDB Capital Group LLC for up to 15 million unsubscribed shares in the rights offering.
In connection with the redemption, Nabors entered into a
standby underwriting arrangement with Warburg Dillon Read LLC that provided, under certain circumstances, for Warburg Dillon Read to purchase 50% of the shares of Nabors' common stock that would have been delivered upon conversion of the Notes, in part to finance any required redemption payment.
If any shares remain unsubscribed after the rights offering, Tucker Anthony will purchase all such shares pursuant to a
standby underwriting agreement.
Unisys has entered into a
standby underwriting agreement with an investment banker to help ensure that the conversion will be completed without significant use of company cash.
As the offering has been fully subscribed, the standby underwriters will not be acquiring any shares pursuant to their
standby underwriting commitments.
