Bear's Big Convert Deal

Tunick, Britt Erica
December 2004
Investment Dealers' Digest;12/6/2004, Vol. 70 Issue 47, p7
Trade Publication
This article presents information on Bear Stearns' convertible bond deal. It recently beat out a number of bulge-bracket firms in the bidding for a $30 million convertible offering for XM Satellite Radio Holdings Inc. Bear Stearn is 11th in convertible under-writing with 12 deals worth $1.12 billion deal. Bear won XM's convertible with a bid of 98.5, then offered it to the public at par with a 1.75% coupon. Bear is willing to use its balance sheet aggressively to land deals, although the firm is well aware it cannot compete with the balance sheets of the bigger firms. It has been named a joint-bookrunner on negotiated convertible deals for supercomputer company Cray Inc.


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