Convertible

Case Solution for Boston Chicken, Inc.: 4 1/2% Convertible Subordinated Debentures Due 2004

Complete Case details are given below :

Case Name : Boston Chicken, Inc.: 4 1/2% Convertible Subordinated Debentures Due 2004

Authors : Robert F. Bruner

Source : Darden School of Business

Case ID : UV0257

Discipline : Finance

Case Length : 17 pages

Solution Sample availability : YES

Plagiarism : NO (100% Original work)

Description for case is given below :

Set in January 1994, this case concerns a discussion between a money manager and her assistant about approaches for analyzing an offering of convertible bonds by Boston Chicken. The analysis compares the insights available from standard descriptive ratios with those available from valuation analysis. The case is intended to be a student’s first exercise in analyzing convertible bonds, and it assumes some familiarity with option-pricing theory and bond valuation. The format of the case (clear tasks and conversational style) is intended to disarm the novice. Nevertheless, the case raises many important and interesting points that will easily fill a class period.

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Case Solution for Corning Inc.: Zero Coupon Convertible Debentures Due November 8, 2015 (A)

Complete Case details are given below :

Case Name : Corning Inc.: Zero Coupon Convertible Debentures Due November 8, 2015 (A)

Authors : Robert F. Bruner, Jessica Chan, Sean Carr

Source : Darden School of Business

Case ID : UV2487

Discipline : Finance

Case Length : 22 pages

Solution Sample availability : YES

Plagiarism : NO (100% Original work)

Description for case is given below :

In November 2000, a money manager needs to make a decision regarding an offering of convertible bonds by Corning. The analysis requires her to compare the insights available from standard descriptive ratios to those available from valuation analysis. This case is intended to be a student’s first exercise in analyzing convertible bonds and assumes some familiarity with option pricing theory and bond valuation. In addition, the case highlights the importance of going beyond the convertible bond calculations. The volatility of Corning stock has increased in the past year, and makes the call option more valuable, but at the same time Corning appears to be issuing converts at a time when both its share price and stock market valuations are at historic highs. Thus it is imperative that the student “have a view” on the sustainability of stock market valuations and the outlook for Corning.

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Case Solution for Tata Steel Limited: Convertible Alternative Reference Securities (B)

Complete Case details are given below :

Case Name : Tata Steel Limited: Convertible Alternative Reference Securities (B)

Authors : Vasant Sivaraman, Adithya Anand

Source : Ivey Publishing

Case ID : 910N32

Discipline : Finance

Case Length : 12 pages

Solution Sample availability : YES

Plagiarism : NO (100% Original work)

Description for case is given below :

Set in India in 2009, the case is about Tata Steel Ltd (TSL), a global top ten steel producer. TSL’s launch of a convertible bond offering in exchange for its convertible alternative reference securities issued in 2007 was in response to shifts in environmental factors. An analysis of the offer allows a valuation exercise and an assessment of a capital restructuring decision considering the interests of the issuer and of the investors.

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Case Solution for Tata Steel Limited: Convertible Alternative Reference Securities

Complete Case details are given below :

Case Name : Tata Steel Limited: Convertible Alternative Reference Securities

Authors : Vasant Sivaraman, Adithya Anand

Source : Ivey Publishing

Case ID : 908N01

Discipline : Finance

Case Length : 17 pages

Solution Sample availability : YES

Plagiarism : NO (100% Original work)

Description for case is given below :

Shortly after the acquisition of Corus in 2007, Tata Steel Limited entered the international markets with a convertible bond offering (CARS) that had distinct features. The offering of US$875 million was the first of its kind from India. The successful issuance reflected investor confidence in the country and the company. This case covers a full analysis of the CARS with a scope that spans valuation, structuring of the financing instrument to suit the issuer’s strategic imperatives and investment analysis.

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Case Solution for Symantec Corporation Convertible Notes With Call Spread

Complete Case details are given below :

Case Name : Symantec Corporation Convertible Notes With Call Spread

Authors : Walid Busaba, Zeigham Khokher, Guorong Yang

Source : Ivey Publishing

Case ID : W10025

Discipline : Finance

Case Length : 07 pages

Solution Sample availability : YES

Plagiarism : NO (100% Original work)

Description for case is given below :

The board of directors of Symantec Corporation asked a consultant for an independent opinion on an important financing decision. Symantec had been working with several investment banks on a plan to raise debt to repurchase common shares. The consultant found it to be an interesting financing plan; whereas repurchasing shares immediately would increase Symantec’s financial leverage, converting the notes in the future would reduce leverage at a potentially significant dilutive cost to the firm’s equity. More interestingly, the company negotiated with the investment banks to buy a call spread on its own stock, covering the same number of shares as would be issued to noteholders upon conversion. After reviewing the proposal, the consultant tried to understand the motivation behind the structure of the transaction. Why would Symantec choose to issue convertible bonds, and why would it intend to buy the call spread?

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