NCIB for Debentures RenewedUnfortunately, due to the low daily purchase limits all they will be able to do is nibble. That said any Debt that they can buy back at a discount will help.
Under the NCIBs, the maximum number of securities that Temple may purchase on a daily basis, other than block purchase exemptions, is as follows: (i) $7,842 aggregate principal amount of Series C Debentures; (iii) $5,854 aggregate principal amount of Series D Debentures; (iv) $7,086 aggregate principal amount of Series E Debentures; and (v) $10,245 aggregate principal amount of Series F Debentures. https://web.tmxmoney.com/article.php?newsid=83110187&qm_symbol=TPH I have a ½ position in TPH and small positions in TPH.DB.E & F
The 2015 YE Results were not very inspiring. It’s clear that Temple has a serious Debt problem and the Debentures are the biggest problem.
It looks like they will have enough Cash to cover TPH.DB.C (abt. $23m) but D (abt. $34m) and E (abt. $45m) mature in 2017.
Temple (Morguard) will need to find a way to refinance a large part of the Debenture Debt in the next year or so.
DB.C matures Dec 31 2016, callable now
DB.D matures June 30 2017, callable on June 30 2016
DB.E matures Sept 30 2017, callable on Sept 30 2016
DB.F matures March 31 2018, callable March 31 2017
As Always; Do Your Own Due Diligence; It’s Your Money !!