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AUTHOR
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member
9/06/24 9:14AM
Re: Re: Re: Re: Re: Re: Re: 2044 bonds
14
Missed your last question. If I was forced to guess (this assumes that it would be CoC if debt downgrade happens) they hold out some hope they won't be downgraded. Even if it's 10% chance,... login to read the rest
Us is not Nordstrom family
For purposes of this description, references to “Nordstrom,” “we,” “our,” and “us” refer only to Nordstrom, Inc. and not to its subsidiaries.
(3) the consummation of any transaction or series of related... login to read the rest
All I will add is I think the move from 70 to 78 is on people speculating CoC - it's likely on YTM given it's such a long dated bond and interest rates have moved.
Also... login to read the rest
I think you are wrong again...it's both have to happen and one already has. So we are through step one by them being junk and if there is a ratings downgrade as a result, it... login to read the rest
I thought they had super votes which is wrong. that said, i think the below investment grade rating event language will snag you.
I think they have to get downgraded ("means the rating on the exchange... login to read the rest
I don't think the CoC is triggered per page 27 of the Prosup. its been awhile since i've dusted CoC language off but:
They are not doing a transfer of all their properties
They are not adopting... login to read the rest
Majic..you were on right track but once I read it now is clearer to me and think it is COC.
There is no carve out for family. Just standard language about control holder. If the... login to read the rest
Scott - the deal specifically says they are keeping all the existing debt in place. There will not be a change of control. I'm guessing the bonds all have indentures that say if the family... login to read the rest
Anyone have any thoughts on the '44 bonds..trading just under 80 and you get 101 with change of control.
Prior to deal were around 70 so still seems to be pricing in only 1/3 chance of... login to read the rest
All seems on track here. The quarter was solid (comps in both divisions were excellent) with a gross margin miss that seems easily explained - it wasn't promotions/markdowns. Sycamore is in the mix, as of... login to read the rest
Copy paste from a Tweet I sent, sorry for the formatting:
Reuters reports mid March family looking to take private. Lists the names of the banks they hired. No press release from company and no 13D.... login to read the rest
With respect to organic growth, I should note that even if you think JWN will be hard pressed to grow, the stock is still quite cheap as long as you don't think that this is... login to read the rest
Thanks for the interesting write-up. I had a couple of questions, grateful for your views.
I don’t really get why this will be a positive organic growth business going forward? Dept stores hugely under threat by... login to read the rest
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