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Q. Why convertibles might be an attractive source of finance for companies?
- Convertibles is able to provide immediate finance at lower cost since the conversion option effectively reduces the interest rates payable.
- They represent attractive investments to investors as they are effectively debt risks for future equity benefits. Therefore finance is relatively easily raised.
- Must the company's assumption regarding the likelihood of conversion prove true then there is no problem of establishing a large sinking fund for the redemption of the debentures.
- Convertibles permit for higher gearing levels than would otherwise be the case with straight debt (interest costs are potentially lower with convertibles).
The cost of debt must be based upon the current market cost of debt. Where different kinds of debt are used estimates of more than one debt cost may be necessary and these costs we
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