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Attractiveness of Convertible Debenture. Great Northern Oil Shale Company is a company actively engaged in the oil services industry. The company provides replacement parts for drilling rigs and has just begun to test a device that measures shale oil content in certain rock formations. The company has an 8 percent convertible subordinated debenture outstanding due in the year 2001. The convertible is callable at 106 and has a conversion price of $50. The common stock is currently paying a dividend of $1.40 on earnings per share of $3. Consensus among analysts is that long-term interest rates will be stable to lower over the next year. The common stock is currently selling for $30 and the convertible bond at 66. Nonconvertible bonds of companies in this industry having similar quality ratings (triple-B) are yielding 14 percent to maturity.
(a) Discuss four characteristics of the convertible debenture, and
(b) explain whether you consider the convertible debenture or the common stock more attractive for purchase. (CFA, adapted.)
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