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A Big, Busy, Bond Week

Recs

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November 14, 2011 – Comments (0)

Companies tapped the bond market for over $38 billion last week.  And, a fair number of the SEC filings had real information rather than just "general corporate purposes" in the use of proceeds section.  Among the highlights:

 - A big buyback for Amgen, with the door open for more.

 - Teva issuing bonds to repay commercial paper used to buy Cephalon

 - Peabody Energy financing its buyout of Australian miner Macarthur Coal.

 - Windstream calling some bonds early and setting the stage to pay off some high yield debt that's coming with its PAETEC acquisition.

 - Dr. Pepper Snapple paying off some maturing two-year paper with new 7 and 10 year notes.

The Peabody / Macarthur deal looks interesting.  The deal is a part of expanding operations to serve coal demand from China and other growing, Pacific economies.  It's also a great example of the global business markets with players from Europe, China, and Korea involved in addtion to the two key players from Australia and the US.

Fool on!

Russ

Disclosure - no position in any company mentioned.

 

 

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