The annual report for Walt Disney Company contained the following note: The Company has outstanding $1.3 billion
Question:
The Company has outstanding $1.3 billion of convertible senior notes due on April 15, 2023. The notes bear interest at a fixed annual rate of 2.13%. The notes are convertible into common stock, under certain circumstances, at a conversion rate of 33.9443 shares of common stock per $1,000 principal amount of notes. This is equivalent to a conversion price of $29.46.
When the notes were issued, interest rates were much higher than the 2.13 percent offered by Disney. Why would an investor accept such a low interest rate?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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