Debt Exchangeable for Common stock, DEC
American Express used DEC to convert book assets to cash on its stake in First Data Corp.
AE sold its stake at a conversion premium of 22 percent to
the current market price and yet also deferred the capital
At the end of Year Three, investors receive
0.819 of common stock if share price > $44.875
one share of common stock if otherwise.
The upside potential is 81.9 percent of the upside above
Upon redemption, issuer can choose to redeem in stock or