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MCI Case Analysis

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MCI Case Analysis

MCI is at a critical point in their company history. After going public in 1972 they experienced several years of operating losses. Then in 1974 the FCC ordered MCI's largest competitor AT&T to supply interconnection to MCI and the rest of the long distance market. With a more even playing field the opportunities to increase market share and revenue were significant. In order to maximize this opportunity MCI required capital. Their poor financial performance required them to use less traditional instruments to obtain financing. The capital acquired supported their growth until they reached a level of profitability in 1978. Subsequently they continued to increase their net income and the quality of their balance sheet. With continued prospects for growth tempered with some regulatory uncertainty they need to determine their optimal financial structure for the future.
MCI's capital requirements for the next 3 years are x,y and z. (see exhibit A). These values are based on a numbe...

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...2002), Assessing a Firm's Future Financial Health, Harvard Business School Publishing.

Stein, J. (1992). Convertible Bonds As Backdoor Equity Financing. Retrieved on June 12, 2006, from the World Wide Web at:

Jen, F, Choi, D, and Lee, S. (1997). Some Evidence on Why Companies Use Convertible Bonds. Journal of Applied Corporate Finance. Retrieved on June 12, 2006 from the World Wide Web at:

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