Friday, November 13, 2009


Yahoo Finance finally lists the correct market cap for Georgia Gulf (GGC) - $440 million.

For the longest time, they were overlooking the massive share issuance and dilution that took place as part of the bond exchange this summer.

I've spent months talking up GGC debt (i.e. the notes that remained after the bond exchange), and now the notes have rallied to pretty respectable levels. The most junior notes (the 2016s) have an ask price in the high 80s now. Not bad for paper that traded below 10 cents for much of this year.

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