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The Blackstone Group L.P. Message Board

  • jimpersonett jimpersonett Feb 23, 2012 12:58 PM Flag

    those BX HLNQs...

    For those asking about pay dates for HLNQs, here is a "cut & paste" from HLNQ Prospectus, page S-6:

    ..."at a rate of 8% per annum, payable on February 15, May 15, August 15 and November 15 of each year, the first payment to be made on November 15, 2001, to the person in whose name the bonds are registered at the close of business on the immediately preceding February 1, May 1, August 1 and November 1.

    "If any February 15, May 15, August 15 and November 15 falls on a day that is not a Business Day, then payment of interest will be made on the next succeeding Business Day with the same force and effect as if made on such date.

    But more interesting, starting on Feb 6, 2012, the volume for "trading" of the HLNQs as reported on FINRA has been 10X the volume previously reported. Its as if some institutional traders had just opened the window for ownership. Prior to 02-06-2012, the occasional trade was for very low volume, mostly under 1000#. Now the volume is at 10,000 to 50,000, with some over 100.000 like today's 105,233, and the prices varying from $20+, to all the way to $26, but mostly in the $20 - $22 range, and it has DAILY since Feb 06.

    Can't help but wonder if Blackstone has some impending plans for Hilton, now that hotel rev-par is back to 2007 levels for the industry, as reported by WSJ........ stayin' tuned...:-)

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    • Jim,

      The higher trading volume suggests Blackstone may be contemplating a redemption for the balance that wasn’t tendered in 2007. BX is paying 8% on this bond issue and would have no trouble rolling it over with a new issue that has a lower coupon rate such as 7%.


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