Get a hold of the prospectus for a recent IPO. How do the issue costs compare with?

(a) Those of the Marvin issue and

(b) Those shown in Table 15.3? Can you suggest reasons for the differences?

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Underwriter's Type Company Issue Amount (S millions) Spread Common Stock: IPO $ 80 Torch Offshore 7.0 Alliance Imaging United Surgical Partners Tellium, Inc. Agere Systems IPO 122 7.0 IPO 126 7.0 IPO 135 7.0 3,600 IPO 3.9 $ 29.6 92.8 Seasoned Seasoned Seasoned Seasoned National Golf Properties, Inc. Lifepoint Hospitals Valspar Corp. Raytheon Co. Pepsico, Inc. Allegheny Energy, Inc. 5.126% 5.0 4.25 168 343.8 3.745 Seasoned Seasoned 534.6 2.0 598.3 3.005 Debt (coupon rato, type, maturity): 8.3% Subordinated notes, 2011 6.875% Medium-term notes, 2006 7.75% Notes, 2011 8.5% Senior notes, 2011 5.875% Global bonds, 2004 3.5% Convertible bonds, 2021 7.45% Global bonds, 2031 8.5% Senior notes, 2008 Bank of the West $ 50 .65 % Maytag Corp. Shurgard Storage Centers Hilton Hotels 185 .50 250 65 300 875 American Home Products 500 35 Cox Communications 685 2.25 1,100 1,500 Kellogg Calpine .875 1.00