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Leggett & Platt Inc T.LEG


Primary Symbol: LEG

Leggett & Platt, Incorporated is a manufacturer that conceives, designs, and produces a range of engineered components and products found in many homes and automobiles. The Company’s segments include Bedding Products, Specialized Products and Furniture, Flooring & Textile Products. Bedding Products segment supplies a variety of components and machinery used by bedding manufacturers in the production and assembly of their finished products, as well as produces private label finished mattresses for bedding brands. Specialized Products segment supplies lumbar support systems, seat suspension systems, motors and actuators, and control cables used by automotive manufacturers. It also produces and distribute tubing and tube assemblies for the aerospace industry and engineered hydraulic cylinders used in the material-handling and construction industries. Furniture, Flooring & Textile Products segment supplies a range of components for residential and work furniture manufacturers.


NYSE:LEG - Post by User

Comment by oilnvstron Nov 02, 2012 10:16am
208 Views
Post# 20554415

RE: RE: RE: Notes

RE: RE: RE: Notes

I see the new borrowings to be more ominous than some others on this board. Q2 debt to 2012 expected FFO was over 2:1. It appears to me the company has needed to increase their brrowings in Q3, but the banks have  refused to loan LEG more money (at about 5% interest) and forced them to take on $200MM of high cost (7 1/2%) unsecured debt. The company will have to pay off this high cost debt by reducing capital expenditures with a consequent reduction in growth. We'll be able to see the real debt picture next week when they release their Q3 financials, but until then I've liquidated my LEG holdings in favour of stocks with stronger balance sheets.

What do others think of my view on this?

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