This week the focus is on capital structure for firms. The 2018 tax law changes are apparently having an impact on how companies are financing their assets. There is a WSJ article attached that provides background and examples of how some companies are dealing with the tax law changes.

Pick a firm one is interested in (or one where one can find some data) and see research the internet for news on the capital structure for the firm. The WSJ attached article (link is also provided at the end of the article) highlights what several companies have done and why. Basically, I want one to add to the body of examples.

Which company did one choose? What was the change to the capital structure (going out for more debt, paying off debt, shifting debt to overseas subsidiaries.....)? What reasons did the firm state for the change, if any? Once you find the news article, go to the company's website and look for press releases from about that time, is there any explanation given for the firm's activities in the capital market?

There isn't a right or wrong answer, but the discussion needs to be on-point. Having an example such as "XYZ Co. sold $500mm in new bonds" and no discussion or additional detail is NOT a good post. Give details on the company's possible strategy behind the activity. One may realize that one might need to make some assumptions, and if one have some backup for those assumptions related to the underlying thinking, that's fine. For example, one goes to the XYZ Co. website and find a press release that indicates the firm decided to have their foreign subsidiary go for the debt, which means the interest payments would be paid by an overseas subsidiary, not affecting the total amount of interest paid by the US home firm. Alternatively, one might go to the firm's 2018 10K and look at how the total interest amount relates to the firm's EBITDA (see the WSJ article for what this means and why it is important). One needs to have some support for ones presumed "thinking behind the company decision".

21:35 Done M6 WSJ With curbs on interest de... With Curbs on Interest Deduction, Companies Strategize on Debt News -eductibility r ected that companies that are y Michael Rapoport Updated May 2018 10:41 ET n Last year's Importan code overhal slashed the companies pay, but i t e deductibility of interest .com are the new law.corporate interest payments w a this year, companies at only deduct interest payments up to y dari Starting their add pays within the cap. These include s borrowing into the form of the lower par t t rading interest payments tirely through the use of tools such as supply change back Some.companies are retiring towerinteres s erter Fortryd h e mapartin Tax Polley Center in Washington. "People are trying to find out how to pract to the new es that are The new interest-det dori ty limits are expected to affect com -ministries such The newestion could wipe of the man will from the reduction in the corporate the pri n der s' Joint Committee on Tation estimate the intendeduction limit will bring in billion initial reven in the west five years and 534 ver the sest decade W enger to accompanies are being cautious. The n ew service has yet to full guidance on how the interest-deduction cap will be implemented and it could close of some of the steps are considering Ina Marcheport the New York State Auctions e policy for equivalent of interest to be in the s mar to the the functional test deductes the should consider wher The Tray warm these lines, the groups e og "There's a little bit of wait and firm Cahillo del with the ng While the new low the death of its fac i before s ta, depreciation and amortion of this, that is just the Beginning in 2002 depreciation and mor e costs will be incorporated H Nu H 4 In HP HP L as V HAI ( hay | www to the . 21:35 Done M6 WSJ With curbs on interest de... 0 2 of 3 2015 The Treasury Department and the those in the groups wut should consider whether to win firm Cahillo del While the new low before in t e is the detectly of interest Series dureciation and amortisation or this, that is just the start Besning i 2023. depreciation and mor e costs will be incorporated into the Co. Digres pot and the most in capith deduc nded to produ to a tanowions, saying tha t Alway Corbin debit, and the form thi s will mobility That is already happening US.corporate de ces down mowe. this year through April.cored with the same period last year, ording to data from the Sur i nam Markus M . underwriting is p o ing to data from Thomson And some companies and a bowing through on Subsidiaries when the effect of the may be limited M o nacompanies are pushing the debtoother countries where they might at the best deal Aerospace company Traininform i er month by selling notes through a subsidiary. The company inne in e xpens in the six months ended in March, about . The com didn't mention the interest-deaction capas for the offering and declined to cony AESCoraised whe n in Ferry through bsidiary. As he recently completed tender for $27 bin d ebtin rec icher ebt. The company had 2007 metimes gener 26 million around the threshold AS d edere were primary and impewing its capital strcture, but the benefit of reducing debt when interest deductibility is limited condary driver Other companies are looking to mo v ies and other more quickly a c e of this, rather than paying interest on Companies have sed such for years. Saving way to meet "boclately a factor in their use of it now, and Roland Hartley Urquhart, head of the S. division of Great which e in wengine LE 21:35 Done M6 WSJ With curbs on interest de... Other companies are looking to meet wir e s and others quickly as eff ing.rather than paying interest ondt. Companies have for years, saying way from wes t 3 of 3 for in their weit wa land Bartley Ugart head of the sila which we c an Here's how that work acting company's be e n plan invoice or receivable Greenp o wer the value what is but the supplier s money more quickly than it would otherwise The original.company pays ensill the mountate The women wows a company to plan for longer payments from the start ving access to thorop . That means tha t and pays lessi st, there is less chance it will see the There may be another way to avoid the The law. c o cam for fears the wonder that can be deduc t ive the threshold. That may slow companies to deduct the payment down the the Cable TV company Altic USA Inc.pad 26 Million in 30 caput the company which done 2017 and is for comment s Write to Michael Rapport at Micha eport . Corrections & Amplifications Craig Hitational compa n deb other countries where they at the best this article incorrectly at M orowi in the y deal e r 21:35 Done M6 WSJ With curbs on interest de... With Curbs on Interest Deduction, Companies Strategize on Debt News -eductibility r ected that companies that are y Michael Rapoport Updated May 2018 10:41 ET n Last year's Importan code overhal slashed the companies pay, but i t e deductibility of interest .com are the new law.corporate interest payments w a this year, companies at only deduct interest payments up to y dari Starting their add pays within the cap. These include s borrowing into the form of the lower par t t rading interest payments tirely through the use of tools such as supply change back Some.companies are retiring towerinteres s erter Fortryd h e mapartin Tax Polley Center in Washington. "People are trying to find out how to pract to the new es that are The new interest-det dori ty limits are expected to affect com -ministries such The newestion could wipe of the man will from the reduction in the corporate the pri n der s' Joint Committee on Tation estimate the intendeduction limit will bring in billion initial reven in the west five years and 534 ver the sest decade W enger to accompanies are being cautious. The n ew service has yet to full guidance on how the interest-deduction cap will be implemented and it could close of some of the steps are considering Ina Marcheport the New York State Auctions e policy for equivalent of interest to be in the s mar to the the functional test deductes the should consider wher The Tray warm these lines, the groups e og "There's a little bit of wait and firm Cahillo del with the ng While the new low the death of its fac i before s ta, depreciation and amortion of this, that is just the Beginning in 2002 depreciation and mor e costs will be incorporated H Nu H 4 In HP HP L as V HAI ( hay | www to the . 21:35 Done M6 WSJ With curbs on interest de... 0 2 of 3 2015 The Treasury Department and the those in the groups wut should consider whether to win firm Cahillo del While the new low before in t e is the detectly of interest Series dureciation and amortisation or this, that is just the start Besning i 2023. depreciation and mor e costs will be incorporated into the Co. Digres pot and the most in capith deduc nded to produ to a tanowions, saying tha t Alway Corbin debit, and the form thi s will mobility That is already happening US.corporate de ces down mowe. this year through April.cored with the same period last year, ording to data from the Sur i nam Markus M . underwriting is p o ing to data from Thomson And some companies and a bowing through on Subsidiaries when the effect of the may be limited M o nacompanies are pushing the debtoother countries where they might at the best deal Aerospace company Traininform i er month by selling notes through a subsidiary. The company inne in e xpens in the six months ended in March, about . The com didn't mention the interest-deaction capas for the offering and declined to cony AESCoraised whe n in Ferry through bsidiary. As he recently completed tender for $27 bin d ebtin rec icher ebt. The company had 2007 metimes gener 26 million around the threshold AS d edere were primary and impewing its capital strcture, but the benefit of reducing debt when interest deductibility is limited condary driver Other companies are looking to mo v ies and other more quickly a c e of this, rather than paying interest on Companies have sed such for years. Saving way to meet "boclately a factor in their use of it now, and Roland Hartley Urquhart, head of the S. division of Great which e in wengine LE 21:35 Done M6 WSJ With curbs on interest de... Other companies are looking to meet wir e s and others quickly as eff ing.rather than paying interest ondt. Companies have for years, saying way from wes t 3 of 3 for in their weit wa land Bartley Ugart head of the sila which we c an Here's how that work acting company's be e n plan invoice or receivable Greenp o wer the value what is but the supplier s money more quickly than it would otherwise The original.company pays ensill the mountate The women wows a company to plan for longer payments from the start ving access to thorop . That means tha t and pays lessi st, there is less chance it will see the There may be another way to avoid the The law. c o cam for fears the wonder that can be deduc t ive the threshold. That may slow companies to deduct the payment down the the Cable TV company Altic USA Inc.pad 26 Million in 30 caput the company which done 2017 and is for comment s Write to Michael Rapport at Micha eport . Corrections & Amplifications Craig Hitational compa n deb other countries where they at the best this article incorrectly at M orowi in the y deal e r