YLO MTN BuyBacks: Filings 2011-8-29

Details are available at SEDI.

YLO MTN Buybacks Disclosed 8/29
Issue Trade
Face Value Price Yield
5.25% Feb 15, 2016 8/24 47,000 39,105 83.14 10.03%
Total for Issue to Date 67,486,350 56,277,068  
5.71% April 21, 2014 8/25 18,211,000 16,821,381 90.32 9.96%
Total for Issue to Date 42,767,000 40,112,149  
7.3% Feb 2, 2015 8/24 15,000 14,181 94.00 9.38%
Total for Issue to Date 121,900,000 115,136,576  
Grand Total to Date 238,081,350 215,234,727  
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

The odd number for the total face value (a non-integral multiple of 1,000) has been previously discussed, so don’t start, OK? Totals include all filings commencing August 18.

The price paid for the 5.71% April 21, 2014 is considerably lower than they have paid before.

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 BuyBacks: Filings 2011-8-29”

  1. radamesb says:

    Thank-you as always for the YLO MTM update. One question — the Yield posted for the Series 2 buyback is 8.76%, which is the same as the one you calculated for their higher price Aug 18th purchase. Is the difference due to an interest payment in the interim, or some other reason?

  2. jiHymas says:

    Geez, I can’t get away with anything around here!

    That was an error, now fixed. The prior purchase had a yield of 8.76%; the current purchase has a yield of 9.96%.

  3. […] new YLO MTN buy-backs but the Normal Course Issuer Bid for the preferreds is still being pursued vigorously, with the […]

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