A catering company introduced the US financial markets to a new
product last month when it launched an innovative combined
debt-equity offering.
Volume Services America Holdings (VSA), whose concession stands
can be seen at conference halls and sporting arenas such as Yankee
Stadium, caused a stir when it became the first company in the US
to issue income depositary securities (IDSs).
Investors buying IDSs acquire both a slice of debt and a portion
of equity at the same time. The two can be kept as a...