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$KSS 2Q15 Call: In July, we completed a cash tender offer for $767MM of our highest-coupon debt; & also exercised our right to redeem $318MM of 2017 notes. We used the proceeds from $1.1Bil debt issuance to pay principal of tender debt. These transactions reduced effective interest rate by 65BP& will reduce annual interest expense by approx. $17MM.
What will be an ideal EPS range for $PZZA in its earnings today?
The U.S. Treasury will be receiving $10 billion as dividends from the combined government-backed mortgage giants Fannie Mae and Freddie Mac. This is a sign that a recovered housing market is allowing the once-ailing firms to subsidize federal government spending.