Booze, Special Dividends, Acquisitions....
Among the highlights in last week's corporate bond market was a new record year. The Wall St Journal reported that Brown-Foreman's (BF-B) $750 million dollar three-part issue was the deal that broke the tape. Very fitting for this year, Brown-Foreman is using the money to fund a special dividend.
Crown Castle (CCI) borrowing to finance a tender offer for higher rate paper. Annual interest savings could be as much as $68 million.
AT&T (T) borrowed a billion euros. Not sure why.
Six Flags (SIX) paying down some loans and funding a share buyback.
Access Midstream Partners (ACMP) borrowing and issuing units to buy Chesapeake Midstream Operating.
Williams Cos. (WMB) borrowing and issuing shares to buy stakes in Access Midstream and Access Midstream's General Partner. You can't tell the players without a program.
Sidebar: The editors at TMF typically do great work fixing errors or improving wording to make my stuff a better read. But, I'm not sure the title change on this one was a step up - if you're curious, the original is part of the article url. Feel free to cast your vote with a comment below.
As always, comments or questions are welcome here or at the article.
Fool on! Russ
Disclosure: Long T.