PIKS


Also found in: Financial.
AcronymDefinition
PIKSPolska Izba Konstrukcji Stalowych (Polish: Polish Chamber of Steelworks; Warsaw, Poland)
PIKSProgrammer's Imaging Kernel System
PIKSPorsche Information Kommunikation Services GmbH (Stuttgart, Germany)
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References in periodicals archive ?
This latest development does appear to confirm repeated statements from Sir Alex Ferguson that he has a large transfer kitty at his disposal and he alone is responsible for it not being spent rather than being kept back to pay off a portion of the PIK debt.
Under the terms of the Au500 million bond which is United's responsibility, the Glazers could take Au70 million out of club funds to pay part of the PIK debt, which is lodged against the family.
These PIKS carry a 16.25% interest rate and unless any payments are made these loans will spiral to pounds 600m by 2017.
These PIKS carry a 16.25% interest rate and unless any payments are made they will spiral to pounds 600m by 2017.
Included in the high-yield bond funding may be zero-coupon bonds or their close relative, payment-in-kind (PIK) securities.
Supporters opposed to the Glazers have always claimed that such talk was false, with the money being earmarked for the PIK loans, which are now attracting interest at an eye-bulging 16.25% Last month United reported losses of pounds 83.6m, with more than pounds 40m attributable to interest payments on the pounds 500m bond issue, and accrued interest on the PIK loans.
Supporters opposed to the Glazers have always claimed that such talk was false, with the money being earmarked for the PIK loans, which are now attracting interest at an eye-bulging 16.25% Last month United reported losses of pounds 83.6 million, with more than pounds 40 million attributable to interest payments on the pounds 500 million bond issue, and accrued interest on the PIK loans.
Since many of the holders of PIK or deep discount bonds are tax-exempt pension trust or foreign holders, however, no one is likely to complain about the lack of symmetry in view of the fact that the OID accrual otherwise is a tax-neutral event.
(It's called the "Payment in Kind' program, or PiK for short.) That proved a logistical nightmare.