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Rating:Fido Raises $400 Million Not Rated 2.0 Email Routing List Email & Route  Print Print
Tuesday, February 25, 2003

Fido Raises $400 Million

by: Sean Hanna, Editor in Chief

FMR Corp., the parent of Fidelity Investments floated $400 million of debt yesterday in a private placement with institutional investors. The proceeds of the offering were used to refinance existing debt at lower interest rates and purchase stock from Fidelity retirees.

More than half of the amount, some $217 million, is earmarked to buy stock from executives who retired from the Boston-based firm in January. Fidelity awards the shares as part of its stock-compensation program. There is no public market for the shares. Fidelity typically repurchases shares when employees leave employment there.

The debt issued by Fidelity yesterday has a 10-year maturity. The last time Fidelity raised funds through a private-placement was in 1999 when it issued $1 billion of long-term debt.  

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