Monday, October 20, 2008

Haliburton Blows Off Convertibles

Haliburton (HAL) under cover of a very good operating quarter announced they have redeemed a convertible debt issue for cash. Costly but probably worth it if you consider they have avoided dilution in the future. What they have not explained is how they will conduct business with radically lower cash balances, very reduced Capex in the past quarter and a noticeable increase in accounts payable.