$Y Yellow Media - Will Thrower Notes - I agree
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=86198440
Now that Yellow Senior Bonds are rated B+, I really think we see a refinancing within 2 years. On average, B-rated bonds are yielding 6.7%, while BB rated bonds are yielding 4.2%. After the principal outstanding is reduced by $200-300m, I can see the bonds being upgraded even further. Interest expense could be cut by 30% or more, resulting in even more FCF, quicker debt repayment, and ultimately enhanced equity value. Everybody wins but especially the warrants.
http://www.reuters.com/article/2013/01/16/idUSWNB002HM20130116
Arthur Caprio mentioned you
Arthur Caprio @FamilyOfficeGur
@DoNotLose The first lien is trading at par. The subordinated debt is at 86 cents.
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Glen Bradford
Investor · Builder · Writer
MBA from Purdue. Former hedge fund manager. Holds 26 series of Fannie Mae and Freddie Mac junior preferred stock. Built Cloud Nimbus for Salesforce consulting. Author of Act As If. Writes about investing, building things, and the longest financial fraud in American history.
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