Convertibles

Williams, Calpine in the Convertibles Market

Convertible securities are becoming a popular vehicle among energy companies as a quick fix for Wall Street’s cash flow concerns in the wake of Enron’s bankruptcy. Williams announced its own program Friday, saying it plans this week to offer $1 billion in securities automatically convertible into company stock, as part of a previously announced plan to maintain the company’s investment-grade credit ratings.

January 7, 2002