Don't Shred on Me: Justice Department to Charge Andersen

Financing News

• Merrill Lynch & Co. wound up issuing $2 billion in 30-year, zero-coupon Liquid Yield Option Notes (LYONs), double what it intended. The notes were priced at a yield to maturity of 2 percent less than the three-month LIBOR rate, and at a premium of 33 percent above Wednesday's closing price of the company's common stock.
  
  

• KPMG Consulting Inc. on Thursday filed a $1 billion universal shelf registration statement for the issuance of various types of securities, including debt, preferred stock, common stock, and warrants to purchase common stock. "Similar to many other public companies, we are utilizing a universal shelf registration statement because it is a practical and efficient way to access the public markets," said chief financial officer Robert Lamb Jr. in a statement. "While we currently have no specific plans to sell securities, the shelf registration positions us to act quickly to take advantage of growth opportunities and favorable market conditions."

• Standard & Poor's on Thursday cut Hewlett-Packard Co.'s long-term debt ratings three notches due to declining earnings and risks associated with its planned merger with lower-rated Compaq Computer Corp. While that deal has met with some stiff resistance, the two parties have recently launched an aggressive ad campaign touting the benefits of the coupling. At this point, it appears the merger may actually go through.
  
  

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