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论文作者:留学生论文论文属性:案例分析 Case Study登出时间:2011-03-14编辑:anterran点击率:5579
论文字数:4512论文编号:org201103140955145461语种:英语 English地区:英国价格:$ 66
关键词:creditinternational corporationFlamingo International
Question 1
1. The basic legal fact of this case.
Flamingo International (Flamingo) is a large international corporation which has an excellent credit rating and is highly respected by the market. The corporation made a bond issue almost ten years ago which 代写留学生论文raised a total of 250 million US dollars. In approximately three months, the Flamingo is expected to repay the bonds' capital and interests. Also, Flamingo has borrowed the sum of 200 Euros by way of syndicated loan four years ago with annually interest rate of 8%. Now, the corporation wants to embark on a new project which will prove to be profitable but will not produce any income for five years, and the financing capital for the new project is a huge amount.
A bond is a debt security, which is also a formal contract to repay borrowed money with interest at fixed intervals. Bond is like a loan, in this case, which provides Flamingo with external funds to Finance long-term investments. While compared with bond issue, the syndicated loan is much more popular. Paine Webber Equity Research (1999) published a report "The biggest secret of Wall Street", which calls syndicated lending "the biggest, highest fee generating, and most profitable corporate financing business on Wall Street." Syndicated loan generates approximately $5.5-6.0 billion of fees annually, while bonds only generate fees of $3.2 billion.
In this case, Flamingo is a large international corporation, registered in London, who is the authorized issuer, and owed the holders a debt almost ten years ago and, is obliged to pay interest of 6 per cent for a 10 years term and repay the principal of 250 million US dollars in approximate three months. The amount of interest of the bond is 15 million US dollars. Flamingo also borrowed the sum of 200 million Euros by way of a syndicated loan four years ago. This loan is for a term of 10 years, is in Euros and has an interest rate of 8% payable annually. According to the current exchange rate, 200 million Euros is about 247 million US dollars, and its annual interest is about 19.76 million US dollars. Thus in this year, Flamingo should prepare cash of 284.76 million US dollars ($250 million +$15 million +$19.76 million). Its a huge amount, and the Flamingo is preparing for a new project which will require capital expenditure of at least US$300 million. The cash reserves of Flamingo is only US$200 million, far less than the needs of Flamingo. Therefore, the best alternative of Flamingo is to conduct a new syndicated loan.
2. What's the syndicated loan?
Bibliography
Asiamoney, 1999, Best Practice in Syndicated Loan, 10, 82-83.
Caouette, John B.; Altman, Edward I. (1998). Managing Credit Risk. New York: Wiley. p. 19.
Davies, S.M., and D.A.McManus. 1991. The Effects of Closure Policies on Bank Risk-taking.
Journal of Banking and Finance, 47:227-245.
Esty, B., and W. Megginson, 2001, Syndicate Structure as a Response to Political Risk in the
Project Finance Loan Market, Working paper, Harvard University.
Fabozzi, Frank (1999). High-Yield Bonds. New York: McGraw-Hill. p. 43.
Horowitz, Keith, Ruchi Madan, and Robert Sobhani. (1999). The Biggest Secret of Wall Street.
Paine Webber Equity Research.
Jones, J., W. Lang, and P. Nigro, 2000, Recent Trends in Bank Loan Syndications: Evidence
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