Cox Communication

In: Business and Management

Submitted By biranchi29
Words 633
Pages 3
Cox Communications, Inc, 1999 (CCI)

Q6: Analyze the solutions proposed in Exhibit 8. What is a FELINE PRIDES security? What are the advantages/disadvantages to firms using this security? Decompose this security into its debt and equity components. What, economically, is a firm doing when it issues FELINE PRIDES? 1) Issuance of debt (bonds/bank): For: • Transaction costs effectively 2% less than equity • Negative effect on CCI’s stock is estimated to be around 1% - 2% (moderately low) • Doesn’t decrease Cox family’s majority stake and voting rights Against: • Investment grade of CCI is likely to be decreased due to the fact that the Debt/EBITDA ratio will increase • Current target Debt/EBITDA < 5 ie it has to limit itself to debt with yields of US Treasury + 65-115 basis point • Will not benefit fully from tax shield as income tax refunds expected 2) Issuance of Class A shares For: • Positive for ratings as Debt/EBITDA affected positively Against: • Cox family’s economic stake reduced to 59% & voting rights decreased to 70% • Fees - 2-3% of amount raised • Market impact of raising large equity: 3-4% fall in stock price 3) Sale/Swap of non-strategic assets Non strategic assets • $4.1 billion equity held in Sprint PCS • $2.5 billion equity held in Discovery Communications • $1.5 billion equity held in @Home equity • $300 million equity held in in Flextech While outright selling will lead to tax burden (35%), asset swap allows to escape the same. There is possibility of a tax efficient disposal in case of AT&T investment due to the fact that CCI had effectively swapped its original AT&T shares into AT&T cable operator shares…...

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