5.875% Senior Notes due October 2012, effective interest rate of 6.33% $ 300,000 $ 300,000 5.5% Senior Notes due November 2015, effective interest rate of 4.86% 300,000 � 4.75% Senior Notes due November 2010, effective interest rate of 4.17% 200,000 � 4.375% Senior Notes due June 2013, effective interest rate of 5.65% 200,000 200,000 6.5% Senior Notes due July 2008 190,000 190,000 7.99% Senior Notes due April 2006 150,000 150,000 6% Senior Notes due November 2003 � 150,000 Bank term loan due November 2004, interest rate of 2.26% at August 30, 2003 � 250,000 Commercial paper, weighted average interest rate of 1.1% at February 14, 2004, and 1.2% at August 30, 2003 438,745 268,000 Other 8,200 38,845
150M due in 06, roughly 500m in commercial paper. Mind you these are before $600M stock repurchase announcement.
This stock has no growth w/o shrinking share counts. When the borrowing gets harder, stock will be pulled down by its own weight. Numbers game is fine and dandy, in the real world companies always have good and bad years. Don't stare at the $900M cash flow to hard, because vendors already financing close to what they would, no more cash can be squeezed out from them, commercial A/R will need cash, A&D can only bring in cash for so long before money needed to throw back in to maintain everything. After all we are talking about a company bring in $500M in the good years and $200M in lean years, so your "debt locked in till 2010" can only go so far........"debt" is either need to be paid back in 2010 or "debt" need to be refi-ed at whatever rate it will be when it matures. If you are as savey as you claim you are, you know this is a dangous game and will stop one day...........
You are correct ... Insiders and even institutions are dumping and they use AZO's borrowed money to buy the stock.
Does anyone have any idea where this stock would be without the demand side of AZO buying their own stock back. All the speculators are contributing to the runup. This is just another example of Market Manipulation and Insiders looking to make a quick buck. It is legal, but will eventually damage the company and the economy.