Junkyard Blues

摘要

Financial services company dvi wanted to expand. And hocking the company—namely, by issuing bonds, looked like the way to do it. Then came the bad news that DVI had anticipated. Small ($143 million in revenues) DVI, which finances the purchase and lease of medical equipment for hospitals and nursing homes, got a speculative grade rating from Standard & Poor's. In 1997 the company swal- lowed hard and sold $100 million in senior notes, due 2004, at 9(7/8)%.