{"id":6935,"date":"2009-06-19T11:28:55","date_gmt":"2009-06-19T15:28:55","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=6935"},"modified":"2009-06-19T11:28:55","modified_gmt":"2009-06-19T15:28:55","slug":"ypgpra-ypgprb-guidance-from-bonds","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=6935","title":{"rendered":"YPG.PR.A & YPG.PR.B: Guidance from Bonds"},"content":{"rendered":"

YPG Holdings has launched a 5-Year MTN issue with a 7.30% coupon<\/a>:<\/p>\n

Yellow Pages Group announced today an offering by YPG Holdings Inc. (the “Company”) of Medium Term Notes for gross proceeds of $260 million. The net proceeds from the issuance of the Notes will be used for general corporate purposes, to repay indebtedness outstanding under the Company\u2019s commercial paper program and to repay an amount of $200 million under its term credit facility. This offering is scheduled to close on or about June 25, 2009.<\/p>\n

Pursuant to this offering, the Company will issue $260 million of 7.30% Series 7 Notes (compounded semi-annually), which will be dated June 25, 2009, will mature on February 2, 2015 and will be issued at a price of $100.00.<\/p>\n

The Series 7 Notes will be guaranteed by Yellow Pages Income Fund (TSX: YLO.UN), YPG Trust, YPG LP, Yellow Pages Group Co., Trader Corporation, YPG (USA) Holdings, Inc., Yellow Pages Group, LLC and YPG Directories, LLC. The Notes have been assigned a rating of BBB (high) with a stable trend by DBRS Limited and a rating of BBB- with a stable outlook from Standard & Poor’s Rating Service.<\/p><\/blockquote>\n

Their ability to issue on these terms provides credibility to their previously announced issuer bid for YPG.PR.A and YPG.PR.B<\/a>. The former closed yesterday at 22.50-58 to yield 7.52%-7.40% to retraction 2012-12-31, while the latter closed at 17.35-49 to yield 10.84%-10.71% to retraction 2017-6-30. There is, of course, a difference in the credit quality between the MTNs and the preferreds, but that’s a very high tax-adjusted spread!<\/p>\n

YPG.PR.A and YPG.PR.B are both tracked by HIMIPref™ but are relegated to the “Scraps” index on credit concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"

YPG Holdings has launched a 5-Year MTN issue with a 7.30% coupon: Yellow Pages Group announced today an offering by YPG Holdings Inc. (the “Company”) of Medium Term Notes for gross proceeds of $260 million. …<\/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-6935","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6935","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=6935"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6935\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}