July 28, 1994 |
Strong demand from individual investors helped the cash-short state of California sell $3 billion in 11-month revenue anticipation notes with relative ease Wednesday. The fixed-rate portion of the notes, or RANs, was originally priced to yield 4.2% annualized. But heavy demand allowed the deal manager, Bank of America, to set the final yield at 4.1%. Still, the cost to the state is high, reflecting its ongoing budget problems: Other, fiscally healthier states would pay as little as 3.
March 11, 1993 |
California will let small investors buy low-priced tax-exempt state bonds basically over the phone, under a plan announced Wednesday by Treasurer Kathleen Brown. Through the new CalBond Tax-Free Fund, investors can buy "shares" in pools of state general obligation bonds that will be offered for sale on March 31. Minimum investment: $250. The bonds will be "zero-coupon" securities, meaning all interest earned is paid when the bonds mature, in eight, 10, 12, 15 or 18 years.
December 8, 1993
AST Research Inc. will use $97.5 million raised through the sale of securities for working capital, to pay off bank debt and for new product development, the company said Tuesday. In a press release, the Irvine company said it had sold zero-coupon subordinated securities with a principal amount at maturity of $275 million. The securities carry a 5.25% yield to maturity and are due Dec. 14, 2013. AST recently reported record sales of $1.4 billion for the fiscal year ended July 3.
January 12, 1987 |
E. F. Hutton Group said Friday that it intends to sell its insurance group for $300 million in cash to First Capital Holdings Corp., a financial services concern based in Los Angeles. But the company said that while the sale could boost its 1987 results, it expects to post "a substantial loss" for 1986 because it established a special reserve of about $130 million in the fourth quarter for reasons unrelated to the insurance unit sale. Hutton said it had signed a letter of intent to sell its E.
April 14, 2000 |
General Electric Co., the diversified conglomerate whose businesses range from lightbulbs to broadcasting, said Thursday that its first-quarter profit rose 20%, driven by an increasing focus on product services and "e-business" initiatives, surpassing Wall Street forecasts. GE said earnings increased to $2.59 billion, or 78 cents a share, from the year-earlier $2.16 billion, or 65 cents.