 Bond Reports |
Valassis Comm |
NYSE Stock Symbol:VCI |
| 29-Feb-04 |
Sr Nts |
Coupon: 6.625% |
Maturity: 01/15/2009 |
Industry: Spec. Printing |
Exchange: OTC |
Underwriting:
1999 |
Corporate Bond  S & P Rating : BBB- Offering
Price : Exch.2004
High : 110.33602004 Low
: 108.3980Recent
Price : 110.3360Yield to
Maturity : 4.25%Original
Offering ($mil) : 100Amount
Outstanding ($mil) : 100 |
 |
| US Industrial Investment Grade
Credit Index (IG) Source: S&P Credit Indices. For more information call (877) 779-7724 |
Issuer or Guarantor Profile
| Valassis Communications, Inc. (VCI) provides strategic marketing solutions for manufacturers and retailers, including mass marketing, cluster-targeted marketing and one-to-one marketing. VCI prints and publishes cents-off coupons, refund offers, premiums, sweepstakes and contests distributed to households throughout the U.S. and Canada. It offers clients a variety of consumer promotion alternatives. Depending upon the particular promotion goal, a client can choose to include its promotional materials in free-standing inserts (FSIs) or run-of-press, distribute a customized printed solo insert, or distribute a product sampling program. Most of the consumer purchase incentives that VCI publishes are featured in cooperative FSIs, which are four-color promotional booklets printed by the company at its own facilities and distributed through Sunday newspapers. Cooperative FSIs are booklets containing promotions from multiple advertisers. VCI produced its first FSI in 1972. In 2002, the company inserted its cooperative FSIs in the Sunday edition of over 525 newspapers with a combined average newspaper circulation of nearly 59 million on 44 publishing dates. Valassis Canada publishes the Shop & Save FSI in Canada. The Shop & Save FSI is distributed to approximately five million Canadian households through weekend home-delivered newspapers. In addition, the company produces a specialty FSI for smaller rural communities, reaching 5.4 million households in the U.S., as well as a Hispanic FSI reaching 3.2 million readers in the top Spanish-language newspapers. VCI offers its clients specialty print promotion products in customized formats such as die-cuts, posters and calendars, as well as traditional FSI formats. Because these promotions feature only one manufacturer, the customer has the ability to create a completely individualized promotion. VCI also offers newspaper-delivered sampling products that give manufacturers the ability to cost-effectively reach up to 65 million households in one weekend. Samples can be machine-inserted into newspapers, placed in a polybag around the newspaper, or pre-sealed in a pouch that forms part of the polybag. Other marketing offerings include direct mail sampling/advertising; Customer Relationship Marketing (CRM) software, consulting and agency services; Internet-delivered promotions; and promotion security consulting services. In 2002, the company's FSI business accounted for 67.5% of revenues (68.3% in 2001), cluster-targeted products 23.3% (23.3%), and other products and services 9.2% (8.4%). |
Issue Profile
This Corporate Bond was originally offered by exchange of securities. Securities are issued in book-entry form in denominations of $1,000 . Interest began to accrue from 01/12/1999. Interest is paid semi-annually commencing with the first payment on 07/15/1999. The paying agent is Depository Trust Co., NYC. The Trustee is Bank of New York Securities redemption terms and prices (if applicable) are set forth in the indenture of the offering prospectus (See table, "Redemption Provisions") Key Statistics
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| Office-19975 Victor Parkway Livonia MI 48152 USA .Tel-734-591-3000.Website-http://www.valassis.comChairman, President & Chief Executive Officer--Alan F. Schultz.Exec VP, Treasurer & Chief Financial Officer--Robert L. Recchia.Incorporated- in DE in 1986 |
| Glossary of Terms | ||
Amount Outstanding - Principal amount of debt outstanding, represented by original offering amount less amounts retired, in whole dollars. Cash & Equivalents - Cash & short-term or liquid investments, from issuer's most recent quarterly balance sheet. Current Assets - Assets expected to be realized in cash or used up in the production of revenue within one year, from issuer's most recent quarterly balance sheet. Current Liabilities - Debts and obligations falling due within one year, from issuer's most recent quarterly balance sheet. Exchange - primary trading venue for this debt security. High and Low Prices - For listed bonds, ranges represent actual high and low trades as recorded on an exchange. For OTC bonds, ranges are based on best available information as to high and low prices during the period. Due to lack of complete data from an official centralized source, they should be viewed as reasonable approximations. Long Term Debt - Debt obligations due beyond one year from balance sheet date, from issuer's most recent quarterly balance sheet. Offering Amount - Principal amount of debt securities offered by the underwriters, in whole dollars. Original Offering Price - Original price to the public as offered by the underwriters, expressed as a percentage of par value. Recent Price - Clean price quoted as percentage of par value. For listed bonds, Recent Price represents actual traded prices recorded on an exchange. For OTC bonds, Recent Price represents the best available information on the bid quotation. Due to lack of complete data from an official centralized source, they should be viewed as reasonable approximations. For some securities on which quotations are unavailable or unrealistic, Recent Price is based on valuations made by S & P. These valuations may differ somewhat from actual trading prices. Standard & Poor's Issue Credit Rating - S & P's current opinion of the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program. The Issue Credit Rating is not a recommendation to purchase, sell, or hold a financial obligation, as it does not comment on market price or suitability for a particular investor. Total Capitalization - Total Debt added to Shareholder's Equity, from issuer's most recent quarterly balance sheet. Total Debt/Cap Ratio - Total Debt divided by Total Capitalization, expressed as a percentage. US Industrial Investment Grade Credit Index - this index represents daily credit spread levels, in basis points above the US Treasury yield curve, within the US industrial investment grade rating spectrum (generally BBB- and above). On a quarterly basis, it is managed to have an effective duration equal to the 10 year US Treasury benchmark within +/- 1 year. US Industrial Speculative Grade Credit Index - this index represents daily credit spread levels, in basis points above the US Treasury yield curve, within the US industrial speculative grade rating spectrum (generally BB+ and below). On a quarterly basis, it is managed to have an effective duration equal to the 5 year US Treasury benchmark within +/- 1 year. Yield to Maturity - Computed using a 30/360 day-count, which is the convention in the US corporate bond market. If entry in Yield to Maturity field is "Flat", this indicates that the issuer is not making coupon payments. This occurs under several circumstances such as when an issue is in default or when coupon payments do not begin to accrue until some time in the future, as is the case with some discount securities. |
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