redeeming the convertible debentures In December, they will pay off the last of their senior notes. At that point, they can redeem the convertible debentures at 110% of par (which they say they aren't very interested in doing): or starting May 31, 2021 they can redeem them at par; or redeem them at par at the end of their term November 30, 2022.
Or, if the share price goes above $19.04 and it looks as if the debentures might be redeemed, the holders can profitably convert them into common shares.
As long as the convertible debentures exist, the company can't make any Restricted Payments which includes paying dividends, buying back shares, or buying back common shares. On the conference call, they expressed interest in eventually returning some money to shareholders.
Based on all of this, I expect them to accumulate the $100 million they need to buy back the debentures during 2020 and buy back the debentures May 31, 2021 (unless the share price rises above 110% of $19.04 before then in which case they might make a buyback offer that effectively forces conversion). I expect them to declare a dividend as soon as the debentures are eliminated.
This brings us to the magical date of December 20, 2022 when the warrants expire. Is there any realistic chance the share price will be worth $28.16 by then? Depends on your definition of relistic. :) The best chance for the warrants to pay off is a buyout of Yellow Pages now that the balance sheet is clean.