MF Global In Convertible-Debt Talks With Private Equity Firms

Apr 25 2008 | 11:38am ET

MF Global, the former derivatives brokerage of Man Group, is turning to its last resort.

The firm, beset with losses and a plummeting stock price since a trader lost $141.5 million on “unauthorized” wheat trades in February, is in talks with private equity firms about selling $200 million in convertible debt.

MF Global has approached at least three p.e. firms, Bloomberg News reports, and is being advised by Lazard.

In the wake of the wheat trading loss, MF Global CEO Kevin Davis said the firm was reluctant to issue convertible bonds.

“We have no plans to issue convertible debt,” Davis said on Feb. 28. “We would regard that as being a last result.”


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Versum Materials (VSM), with a market capitalization of $2.7 billion, enables chipmakers to achieve higher performance at lower cost with enhanced reliability. Versum is a leading global provider of electronic materials for the integrated circuit and flat-panel display markets.