I have been trying to send a message out to SANET about a certain large corporation, aka monster. other messages are going through, anything with the co. name is not. So here is text without the name. Use your imaginations and let's hope this goes through.
These are financial snipets of Information on M from www.msn.com : 12/6/98
Mixed, quiet ahead of M deal
NEW YORK, Dec. 4 — U.S. corporate bond prices were mixed in quiet trading early Friday ahead of an expected $2.5 billion debt offering by M Co .
The M deal, together with a $2.0 billion expected next week from Seagram Co. (TO:VO), have contributed to supply fears that led spreads to widen earlier this week.
M sells $2.5 bln notes
December 4, 1998 03:50 PM
NEW YORK, Dec 4 (Reuters) - M Co on Friday confirmed it was selling $2.5 billion in a five-part debt offering.
The notes are being sold in the 144a private placement market, with Salomon Smith Barney as the lead manager for the offering.
Market sources gave the terms as follows …snip… The company said it would use the net proceeds for financing or refinancing seed company acquisitions, including the refinancing of its outstanding commercial paper as it becomes due, and for working capital purposes. (( U.S. Corporate Bond Unit, 21 email@example.com))
US CORP BONDS - Prices end flat as M weighs in
December 4, 1998 04:32 PM
NEW YORK, Dec 4 (Reuters) - U.S. corporate bond prices were little changed in mostly quiet dealings on Friday, as a large offering by M Co. erased early gains.
"Net-net it was a slow day," one high-grade trader said. "There was a better bid in the morning, but people were definitely focused on (M). People were looking to sell paper to get involved there."
M sold its long-awaited debt offering, which was not increased from its initially planned $2.5 billion size.
Expectations of the incoming supply from M and a $2 billion Seagram CA:VO issue expected next week have blunted bidding in the market all week.
M's $500 million three-year tranche was priced to yield 90 basis points more than comparable U.S. Treasuries. $600 million of seven-years were offered at 120 points over, $200 million of 10-years were 130 over, $500 million of 20-years at 140 over, and $700 million of 30-years at 149 over.
The three-year tranche was priced in line with initial talk from early this week, but the remaining four tranches were priced about five basis points wider.
Related GE Article on M
"If these genetically developed grains cannot be sown again, which I am told is the case, it will create a problem in that the farmers will be subject to near monopoly control by some companies or entities which control these seeds," R.S. Mathur, Secretary of the Government in the Department of Food and Civil Supplies, told an International Grains Council conference in Buenos Aires.
India is otherwise cautiously in favor of genetically modified crops, he said.
Genetically modified soybeans and maize have been marketed by companies like M Co of the United States. The modified soy is cheaper to grow because it is resistant to a single strong pesticide, eliminating the need for a more expensive combination of weed-killers.
Farmers in India -- one of the world's largest producers and consumers of wheat -- often buy little seed but replant some of their crop every season.
India produces about 67 million tonnes of wheat a year, and last year also imported 1.5 million tonnes. Stocks have reached four million tonnes, which the government wants to reduce.
India, while aiming for grain self-sufficiency, expects world production to continue to expand. One source of new production could be Africa, Mathur said.
Another speaker at the conference predicted that genetic biotechnology would lead to a growing number of designer crops catering to specific industry needs.
This would lead to more specialization in the grains trade, said Robert Kohlmeyer, president of U.S. consultancy World Perspectives Inc. This trend would be encouraged by the increasing use of growing contracts.
M is cash poor and going to the financial community for dough. Question: will the world financial community feed another 2.5 billion to the monster?
Kate Smith, Philadelphia
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