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A class of Virginia Power preferreds yielded 7.2percentt, versus 6.5percentt for a 10-year senior note of the company.
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A federal appeals court ruled yesterday that the financier Carl C. Icahn's tender offer for the senior notes of Reliance Group Holdings could go forward.
He said senior notes of Cablevision Inc. that mature in April 2011 and have a 75/8percentnt interest coupon are now trading at 82.5 cents on the dollar, up from a low of 70 cents on Aug. 7; he expects the price to rise further.
In February, Moody's downgraded the senior notes of Zohar I to B3 status placing it squarely into the risky "junk" CLO arena.
(See "After The Bailout").. Speiss, who has clients with significant positions in preferred stock and senior notes of Fannie and Freddie, also said to keep an eye on regulated institutions that have big bets on the GSEs.
Upon completion of the IPO, the company plans a $500 million debt offering and will use money raised from the sale of senior notes to repay the balance of the bank loan.
The asset management firm Legg Mason said on Monday that it had sold $1.25 billion in convertible senior notes to an affiliate of the private equity firm Kohlberg Kravis Roberts & Company.
The revised plan would give senior note holders 100percentt of their allowable claim in cash, notes and stock in the reorganized company.
As Senior Notes Editor of the Law Review, Harnett works closely with Pado.
Class P4-A consists of Non-Noteholder General Unsecured Claims and Class P4-B consists of 10% Senior Note Claims.
Instead of the money owed them, holders of senior notes received 88percentt of the equity in the reorganized company.
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