By Alastair Graham
Issues comprise: investment concepts on hand to managers * fairness investment * debt investment * hybrid monetary tools * versions at the optimum capital constitution * debt profile administration * refinancing.
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Extra info for Capital Structuring (Glenlake Risk Management)
Banks and property companies. Informal constraints on leverage levels are applied by stockholders or more often company management. ● Management often will establish a limit on the level of leverage they will be prepared to sanction, in order to cap the financial risk and minimize the likelihood of the company ever defaulting on its loan obligations. ● Management might also fear the consequences of high leverage on the stock market valuation of the company’s stocks. Leverage and Commercial Risks Corporate profitability depends to a large extent on the commercial risks of the company’s businesses.
70). g. if the amount of the overdraft changes, or if there is a rise of fall in the reference LIBOR rates or base rate. A company might use either a weighted average cost of debt or the specific cost of new debt to measure the cost of the debt capital. e. whether funding requirements are met ● out of a general corporate pot that is topped up periodically, in which case a weighted average cost of debt is an appropriate measure, or ● by arranging discrete debt funding for each new project in which case the cost of the specific debt is the appropriate measure.
A second reason was to acquire a war chest for future acquisitions. Analysis The company’s finance director acknowledged that the main purpose of the issue was to strengthen the company’s balance sheet, and reduce the leverage level. A consequence of the issue, however, was that the company would be using equity to replace cheap borrowings. The cash war chest would be earning only a low rate of interest, and the company’s earnings per stock would suffer a dilution of about 10%. A stock analyst commented that the company had taken an opportunity to issue new stocks when the current stock price was high and stock market investors would probably be willing to support the issue.