A corner of the bond market shows how Tesla could win even if Musk's new plan flops [Los Angeles Times (CA)]
Range Cancer Therapeutics ETF (CNCR)
US:NASDAQ Investor Relations:
loncarfunds.com
Company Research
Source: Los Angeles Times
A corner of the bond market shows how Tesla could win even if Musk's new plan flops Investors in an arcane corner of the bond market are latching on to one important detail lost amid all the chaos surrounding Elon Musk’s bombshell Tuesday: Even if he ultimately fails in his effort to take Tesla Inc. private, the company could win much-needed debt relief. That’s because more than a third of the company’s approximately $11.5-billion debt was issued as convertible bonds — securities that creditors can exchange for equity if the stock reaches a certain price level. Coaxing investors to take equity, instead of demanding repayment on the money they’re owed, would help ease the financial pressure on a company that’s burned through more than $600 million in six of the last seven quarters. One of the most imminent of these bond maturities — a $920-million note due in March — has a conversion price of $359.87 per share. The stock was priced about $18 below that level at the start of trading Tue
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