{"id":16072,"date":"2011-08-20T00:34:01","date_gmt":"2011-08-20T04:34:01","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=16072"},"modified":"2011-08-20T00:34:01","modified_gmt":"2011-08-20T04:34:01","slug":"ylo-mtn-buyback-company-spends-125-3mm","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=16072","title":{"rendered":"YLO MTN BuyBack: Company Spends $114.4MM"},"content":{"rendered":"

Hat tip to commenter LongRoad on StockHouse<\/a> for bringing this to my attention.<\/p>\n

Details are available at SEDI<\/a>.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
YLO MTN Buybacks Disclosed 8\/18 & 8\/19<\/b><\/td>\n<\/tr>\n
Issue<\/td>\nTrade
Date
(?)<\/td>\n		Face<\/td>\nValue<\/td>\nPrice<\/td>\nYield
?<\/td>\n<\/tr>\n
5.25% Feb 15\/16<\/td>\n8\/9<\/td>\n5,273,000<\/td>\n4,522,138<\/td>\n83.23<\/td>\n9.95%<\/td>\n<\/tr>\n
 <\/td>\n8\/10<\/td>\n3,736,000<\/td>\n3,108,352<\/td>\n83.20<\/td>\n9.97%<\/td>\n<\/tr>\n
 <\/td>\n8\/11<\/td>\n5,703,000<\/td>\n4,795,716<\/td>\n84.08<\/td>\n9.70%<\/td>\n<\/tr>\n
 <\/td>\n8\/12<\/td>\n7,069,000<\/td>\n5,883,441<\/td>\n83.20<\/td>\n9.98%<\/td>\n<\/tr>\n
 <\/td>\n8\/15<\/td>\n46,000<\/td>\n38,200<\/td>\n83.00<\/td>\n10.04%<\/td>\n<\/tr>\n
Total for Issue<\/i><\/td>\n21,827,000<\/td>\n18,347,874<\/td>\n <\/td>\n<\/tr>\n
6.25% Feb 15, 2036<\/td>\n8\/10<\/td>\n254,000<\/td>\n159,461<\/td>\n62.78<\/td>\n10.51%<\/td>\n<\/tr>\n
 <\/td>\n8\/10<\/td>\n5,354,000<\/td>\n3,349,844<\/td>\n62.57<\/td>\n10.54%<\/td>\n<\/tr>\n
Total for Issue<\/i><\/td>\n5,608,000<\/td>\n3,509,305<\/td>\n <\/td>\n<\/tr>\n
5.71% April 21, 2014<\/td>\n8\/9<\/td>\n18,739,000<\/td>\n17,772,583<\/td>\n93.08<\/td>\n8.64%<\/td>\n<\/tr>\n
 <\/td>\n8\/10<\/td>\n2,638,000<\/td>\n2,503,190<\/td>\n93.08<\/td>\n8.65%<\/td>\n<\/tr>\n
 <\/td>\n8\/11<\/td>\n879,000<\/td>\n834,218<\/td>\n93.08<\/td>\n8.66%<\/td>\n<\/tr>\n
 <\/td>\n8\/12<\/td>\n35,000<\/td>\n33,222<\/td>\n93.08<\/td>\n8.66%<\/td>\n<\/tr>\n
Total for Issue<\/i><\/td>\n22,291,000<\/td>\n21,143,213<\/td>\n <\/td>\n<\/tr>\n
7.3% Feb 2, 2015<\/td>\n8\/9<\/td>\n12,567,000<\/td>\n11,863,248<\/td>\n94.20<\/td>\n9.29%<\/td>\n<\/tr>\n
 <\/td>\n8\/10<\/td>\n9,960,000<\/td>\n9,408,216<\/td>\n94.20<\/td>\n9.29%<\/td>\n<\/tr>\n
 <\/td>\n8\/11<\/td>\n44,021,000<\/td>\n41,591,041<\/td>\n94.20<\/td>\n9.30%<\/td>\n<\/tr>\n
 <\/td>\n8\/12<\/td>\n9,066,000<\/td>\n8,567,370<\/td>\n94.20<\/td>\n9.30%<\/td>\n<\/tr>\n
Total for Issue<\/i><\/td>\n75,614,000<\/td>\n71,429,875<\/td>\n <\/td>\n<\/tr>\n
Grand Total<\/b><\/td>\n125,340,000<\/b><\/td>\n114,430,239<\/b><\/td>\n <\/td>\n<\/tr>\n
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<\/i><\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Readers of the August edition of PrefLetter<\/a> 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<\/a>, 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.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 TradeDate(?) Face Value Price Yield? 5.25% Feb 15\/16 8\/9 …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-16072","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16072"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16072\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}