YLO MTN BuyBack: Company Spends $114.4MM

Hat tip to commenter LongRoad on StockHouse for bringing this to my attention.

Details are available at SEDI.

YLO MTN Buybacks Disclosed 8/18 & 8/19
Issue Trade
Date
(?)
Face Value Price Yield
?
5.25% Feb 15/16 8/9 5,273,000 4,522,138 83.23 9.95%
  8/10 3,736,000 3,108,352 83.20 9.97%
  8/11 5,703,000 4,795,716 84.08 9.70%
  8/12 7,069,000 5,883,441 83.20 9.98%
  8/15 46,000 38,200 83.00 10.04%
Total for Issue 21,827,000 18,347,874  
6.25% Feb 15, 2036 8/10 254,000 159,461 62.78 10.51%
  8/10 5,354,000 3,349,844 62.57 10.54%
Total for Issue 5,608,000 3,509,305  
5.71% April 21, 2014 8/9 18,739,000 17,772,583 93.08 8.64%
  8/10 2,638,000 2,503,190 93.08 8.65%
  8/11 879,000 834,218 93.08 8.66%
  8/12 35,000 33,222 93.08 8.66%
Total for Issue 22,291,000 21,143,213  
7.3% Feb 2, 2015 8/9 12,567,000 11,863,248 94.20 9.29%
  8/10 9,960,000 9,408,216 94.20 9.29%
  8/11 44,021,000 41,591,041 94.20 9.30%
  8/12 9,066,000 8,567,370 94.20 9.30%
Total for Issue 75,614,000 71,429,875  
Grand Total 125,340,000 114,430,239  
Yields have been calculated (using MS-Excel) assuming that the “Transaction Date” reported on SEDI is the Trade Date and that all trades were executed for normal settlement

Readers of the August edition of PrefLetter will understand that I am bitterly disappointed with the company’s decision to pursue buybacks by private contract; I feel that a Dutch Auction Tender, for all issues in one big pot (with conversion factors on the prices of different issues to reflect differing desirability to the company of purchasing the issues) would be a far better way to go.

YLO has the following preferred issues outstanding: YLO.PR.A, YLO.PR.B, YLO.PR.C and YLO.PR.D; the Normal Course Issuer Bid for these issues is still being pursued vigorously.

3 Responses to “YLO MTN BuyBack: Company Spends $114.4MM”

  1. radamesb says:

    Is the yield percentage the annual yield to maturity? Does the quoted yield take into account the interest payment date (accrued so far)?

    YLO filed a few additional purchases today of another $42.6 million in MTM.

  2. […] PrefBlog Canadian Preferred Shares – Data and Discussion « YLO MTN BuyBack: Company Spends $114.4MM […]

  3. jiHymas says:

    radamesb, welcome to the blog!

    Is the yield percentage the annual yield to maturity?

    Yes, subject to the necessary assumptions stated.

    Does the quoted yield take into account the interest payment date (accrued so far)?

    Yes, with the assumption that all trades have been executed for normal (three day) settlement. This assumption is consistent with their filings so far – they appear to be filing on the day following settlement.

    YLO filed a few additional purchases today of another $42.6 million in MTM.

    Thank you! I have reported the details and updated the running totals.

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