TITLE

Dividend Recaps: Buying Without a Net

AUTHOR(S)
O'Leary, Christopher
PUB. DATE
August 2005
SOURCE
Investment Dealers' Digest;8/1/2005, Vol. 71 Issue 30, p12
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Focuses on the dividend deal boom in the leveraged finance market in the U.S. Surge in the volume of high-yield corporate debt dividend recaps; Lack of deal covenants specifically outlawing an issuer from subsequently doing a dividend recapitalization, which are the only true protection available to bondholders; Effort of a group of investors to demand anti-dividend deal covenants; Signs that the overall market is growing tired of dividend recapitalizations.
ACCESSION #
17793450

 

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