The Staples board of directors decided not to renew its “poison pill” shareholder rights plan when the plan expired earlier this year.
Equity Office Properties Trust issued $1 billion of 4.75 percent senior unsecured notes due March 15, 2014. It plans to use the cash to repay outstanding balances under the company’s $1 billion revolving credit facility and to settle two forward-starting interest-rate swaps.
Four banks agreed to underwrite $8.8 billion in loans to cable operator Adelphia Communications Corp. when it emerges from bankruptcy. The banks are J.P. Morgan Chase., Citigroup, Credit Suisse First Boston, and Deutsche Bank. This exit-financing package is more than four times the previous record set by Kmart when it received $2 billion in 2003 upon emerging from bankruptcy.
Freeport-McMoRan Copper & Gold raised $1 billion from the private placement of convertible perpetual preferred stock. The preferred stock will pay cash dividends at a rate of 5.5 percent yearly. The preferred stock will be convertible into 18.8 million shares of the company’s common stock, equivalent to a conversion price of $53.186 per share. That price reflects a 40 percent conversion premium to the company’s recent $37.99 per-share closing price.
Accenture CEO Joe Forehand will step down on September 1 after running the consultancy for five years. He will stay on as chairman, however.
A FleetBoston Financial branch in the Buenos Aires financial district was seized by bank industry employees demanding higher pay, according to Bloomberg.
Circuit City Stores said that it began expensing the value of stock options in the fourth quarter of 2003.
Cablevision Systems said it is preparing a $2 billion debt offering.