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TDS announces fourth quarter 2023 dividends
December 1, 2023
CHICAGO, Dec. 1, 2023 /PRNewswire/ — The board of directors of Telephone and Data Systems, Inc. (NYSE: TDS), a leading provider of telecommunications services, has declared fourth quarter 2023 dividends on its Common Shares, Series A Common Shares, Series UU Preferred Shares and Series VV Preferred Shares.
• TDS is paying a quarterly dividend of $0.185 per Common Share and Series A Common Share payable on Dec. 29, 2023, to holders of record on Dec. 15, 2023.
• TDS is paying a quarterly dividend of $414.0625 per share on the company’s 6.625% Series UU Preferred shares; holders of depositary shares will receive $0.4140625 per depositary share payable on Jan. 2, 2024, to holders of record on Dec. 15, 2023.
• TDS is paying a quarterly dividend of $375.0000 per share on the company’s 6.000% Series VV Preferred shares; holders of depositary shares will receive $0.3750000 per depositary share payable on Jan. 2, 2024, to holders of record on Dec. 15, 2023.
The tickers for the TDS Common shares is “TDS”, the Series UU depositary shares is “TDSPrU” and the Series VV depositary shares is “TDSPrV”.
TDS announces fourth quarter 2023 dividends
https://www.tdsinc.com/news/news-details/2023/TDS-announces-fourth-quarter-2023-dividends/default.aspx
MMFs today…
VUSXX ~ 5.34%
VMRXX ~ 5.32%
VMFXX ~ 5.30%
SWVXX ~ 5.25%
SNSXX ~ 5.09%
SNVXX ~ 5.07%
SNOXX ~ 5.06%
SPAXX ~ 5.00%
Fidelity is down and can’t display account information.
So don’t be shocked if you log in and see a zero for your account balance. Gonna be a lot of heart attacks today.
Two names under selling pressure worth considering.
REGCP -one of highest quality grocery anchored retail REITS. IMO, it’s basically a sock drawer. It yields 6.8% at $22.9.
GOODO – run by the Gladstone syndicate, it’s a reit with majority industrial but ~40% office. Common stock has rebounded. They are trimming the office exposure over time. I think it is trading down in sympathy with other office REITS but they have plenty of common cushion before impairment. At $18, it yields 8.3%.
Who knows if it will last, but both names have a lot on offer today.
Great time for LANDO holders to switch to LANDP. There is over a $1 difference as I write this.
Everyone, apologies if someone already posted about this new GBDC baby bond. Here is the term sheet:
https://www.sec.gov/Archives/edgar/data/1476765/000110465923122486/tm2331886d1_fwp.htm
Symbol? Publicly traded? No call date, pays 2x/yr
Gary,
It’s publicly tradeable but the symbol is not yet announced.
I believe as a baby bond (not a preferred) it won’t have a temp symbol. It’ll begin trading after several days (I expect sometime around or just before the Dec 5 settlement date).
Two call dates (from that FWP filing):
a. Nov 5, 2028 – 1 month before it matures (callable at par).
b. Anytime prior to Nov 5, 2028, at a redemption price equal to the greater of:
· 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date, or
· (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 45 basis points less (b) interest accrued to the date of redemption.
In connection with the dividends declared and to be paid on the AHL PRC Preference Shares, given the cessation of LIBOR as from the final publication on June 30, 2023 and the failure of any qualifying banks to provide quotes to the appointed calculation agent as contemplated by the floating rate determination language set forth in the governing instrument, then, in accordance with the provisions of such instrument, the floating rate to be applied to dividends on the AHL PRC Shares will equal the 3-month LIBOR on June 29, 2023 (representing 3-month LIBOR for the previous floating rate period at the applicable determination date), plus 4.06%, being, in the case of the first floating rate dividend period beginning July 1, 2023 and payable on October 1, 2023, a coupon rate payable of 9.59343%. It is expected, but not certain, that the banks will continue to be unable to provide quotes and this coupon rate will remain at 9.59343% for future dividend periods, as contemplated by the terms of the governing instrument.
https://www.sec.gov/Archives/edgar/data/1267395/000126739523000064/pressrelease-6xkxdividends.htm
Hey Folks.
Some names that were bid up crazy the last ten min, still have solid offers in the AH.
You may want to take a look and take advantage of the bid if you have shares.
These (almost) always trade back down the next day.
As I type..
RITM D is bid at 21.28 bid 1500 shares
RITM C is bid at 20.38
RITM A is bid at 23.4
lxp c still bid 45.57 (only 100 shares tho)
GAINZ bid 23.75, only 100 shares
LANDO 19.91, only 100
LANDP 19.25 bid 2k shares
etc
ugh, the bids are disappearing as i type more. The SEAL prefs were bid up AH but now gone.
BTW, anyone able to sell on the CTA B spike?!
Maine, I managed to sell CTA-B during that spike. That was a nice surprise. Will look to get it back soon if the market allows.
Pig Pile:
Sold big yesterday on the EQC+D spike to nearly $26. This is a busted convertible that will only be redeemed at $25 if EQC finally decides to liquidate (down to four properties and they haven’t been able to successfully find a deal for years. Their only potential interest now seems to be the industrial sector and single family rental housing).
The problem now is that they are earning $100+M per year in interest income on their $2+B in cash. So they can continue to pay their 20+ employees extremely well for now.
Liquidating almost their entire office portfolio years ago at top dollar was the shrewdest move of the century.
STT-D can be had under $25 this morning.
It will either be called in March or roll over to 9% according to Quantum Online. May be a nice place to park some cash.
I am full up.
If you need another option, WFC-R has same call date but higher coupon and floats at 10%+.
Ex-D is today, currently trading near par.
Full up on that one too. Both will likely be called but I have two shots at one of them maybe tarrying and getting the higher rate.
And if something better comes along in the interim these should hold around par and I can sell them back.
That is the theory anyway…
Ken – Your point remains the same but a little correction – WFC-R will become fixed at 10.315% on 3/15/24 if not called – it won’t float – https://www.sec.gov/Archives/edgar/data/72971/000119312523142793/d493694dex991.htm
Good catch, 2WR. Sadly, I doubt we will get anything more than a 6.625% (annualized) 3.5 month return.
2WR and ken – At least still beats parking cash in a T Bill for 3 months!
thanx Scott, got a little at 24.95 . Bea
Hamilton, Bermuda, November 28, 2023 — GasLog Ltd. (“GasLog” or “Company”) (NYSE: GLOG.PRA) today announced that the Company will redeem 4,341,681 shares of its outstanding 8.75% Series A Cumulative Redeemable Perpetual Preference Shares (the “Series A Preference Shares”, and the redemption thereof, the “Partial Redemption”) held by shareholders of record as of November 27, 2023….
https://www.sec.gov/Archives/edgar/data/1534126/000095015723001170/ex99-1.htm
Very interesting. I’m thinking about why there was only a *partial* redemption, and doing the math:
* 4,600,000 GLOG.PRA shares outstanding, per annual report (link below)
* 201,457 GLOG.PRA shares owned by founder Peter Livanos (link below)
* 46,388 GLOG.PRA shares repurchased
4,600,000 shares outstanding minus 201,457 shares owned by Livanos – 46,388 shares repurchased = 4,352,155 owned by the public – very close to the number of shares redeemed.
Here’s a wild-a$$ed guess – the company is *not* redeeming Livanos’ shares – they will stay outstanding. This makes me wonder whether the preferred GasLog Partners shares (GLOP-A, -B, and -C) are going to be delisted to achieve the “synergies” already pointed out by the company and discussed here earlier (see https://innovativeincomeinvestor.com/reader-initiated-alerts/comment-page-9/#comment-103790 ).
_____
Supporting links:
2022 Annual Report:
“Of the Company’s 500 million authorized shares, 4.6 million have been designated 8.75% Series A Cumulative Redeemable Perpetual Preference Shares.”
https://www.sec.gov/Archives/edgar/data/1534126/000110465923028175/glog-20221231x20f.htm
Livanos GLOG.PRA purchases:
2022 purchases: 119,741 shares
https://www.sec.gov/ix?doc=/Archives/edgar/data/1534126/000110465923028175/glog-20221231x20f.htm#ITEM16EPURCHASESOFEQUITYSECURITIESBYTHEI
2021 purchases: 81,716 shares
https://www.sec.gov/ix?doc=/Archives/edgar/data/1534126/000110465922032040/glog-20211231x20f.htm#ITEM16EPURCHASESOFEQUITYSECURITIESBYTHEI
201,457 shares in total
46,388 shares repurchased:
https://www.sec.gov/Archives/edgar/data/1534126/000110465923118902/tm2330714d1_ex99-1.htm
Well, that’s all I need. More delisted things to add to those I already own. I have owned a full position of GLOP-C since 2018. I see it also floats 3/15/24, which with today’s numbers would be almost 11%. That would be nice assuming the bottom doesn’t fall out of the share price!
Speaking of delisted things I also own some HMLPF. Friday it went down 35% and Monday it rebounded 54%!
that’s what happens when they get delisted and the trading volume becomes virtually nonexistent. Somebody made some bucks, but not me!
Oh ship!!, I bought my GLOGprA shares in 2016 with a cost basis of $8.94. I REALLY don’t want to give them up. To add insult to injury, they’re in a taxable account so now there’s a capital gain tax to deal with. Oh well.
How does the date of record work with a redemption? What happens to the shares traded after that date?
Hmmmm….good question. My guess is they are just saying there were X number of shares held by the public on Nov 27. I’d expect anyone who owns the shares on the redemption to get redeemed.
They publish the payment scheudle when tthey announbce the redemption. If it’s redeemed between scheduled pay dates they typically pay the pro-rated amount at redemption.
Pacw -Banc merger closes 11/30 ; thank you Tim for putting PACWP on my radar; accumulated shares under 21; as others have pointed out ; this holding should be considered a safer credit after the Merger ; also note per Quantum , BANC has a history of calling their preferred ;
PSEC-A Officially, the tender for this issue expires tomorrow at 5 PM, but most online brokers have a cutoff date prior to that, most likely some time today….. Anyone want to venture a guess where PSEC-A will trade AFTER the tender expires? It was trading near $14 just before tender was announced….. Inclusive of accrued, PSEC-A holders who tender should receive $16 on 12/4.
https://www.prospectstreet.com/News/news-details/2023/Prospect-Capital-Corporation-Announces-Launch-of-Cash-Tender-Offer-For-its-5.35-Series-A-Fixed-Rate-Cumulative-Perpetual-Preferred-Stock/default.aspx
2White ; would you say it’s a buy at 14? the current yield would be about 9.5%
this is a weak sister as far as BDCs go, but they do have maximum leverage limitations which I consider some protection for the pfrds and notes
What I would say is I have always been a rabid PSEC avoider and will continue to be…. I only was in PSEC-A to participate in the tender….. Happy to be gone (I hope), so I’m not the one to ask…. PSEC itself somehow continues to have an IG credit rating but as a BDC, it’s never been considered one of the good ones… I’ve just never liked the way they operate.
I have owned PSEC common (no preferreds) since 2012. Yes, it has been a run by scoundrels basically, but a couple of years ago reached the point where the dividend total passed the capital I had in it. If it went BK tomorrow I would still be in the black. I have thought that I should sell it as it is a dog, but have trouble weaning myself of the large quarterly dividend. I own too much………
Looks like the Hersha acquisition closed as planned today 11/28 – HT and preferreds are halted. I can’t find any info on when they will be paid out.
Depending on your broker, I would expect as early as tomorrow morning or as late as the end of the week. But it should be resolved by the weekend.
Will the $25/share show up automatically in our account or must we do something to make it happen?
Automatic.
Thanks!
Sock drawer UEPEP has a seller at 70.32 – yield ~6.5%
UEPEO at under $70 looks more appealing to me. The call price on UEPEO is $110 whereas the call price on UEPEP is $102.47. If the current yields are almost identical (which they have been lately), I’d rather go for the higher upside on a call (even though the chance of a call may be remote).
Another sock drawer preferred CNLHN traded at $30.1 yielding around 6.5% qualified.
Sister issue CNTHP also at 6.5%, closed at $50.05 (under par if you factor in dividend).
Thanks all. Keep these utility plays going. Anything else in that 6.5% range?
Just wanted to point out the two above issues trade OTC so most likely allot of brokers will charge a commission of $7+ for each trade. I’m in the habit of not seeing that data field as I’m so used to $0 commissions. Just be mindful of this in case you are buying preferreds more strategically say in small lots weekly etc. That commission would dramatically impact your yield for smaller trades.
I just tried and my broker is zero commission on this one.
I am just wondering how come many bank preferreds are yielding around 6.5% with much higher risk compared to these utility preferreds with essentially same yield. Am I missing something?
This narrow sector being discussed has profit coverage ratios (ultimately preferreds have to be covered by profits or retained income) of over 100x. The banks are nowhere in earshot of this. This is largely because the issuances are small and irrelevant to capital structure. But like anything there are tradeoffs, illiquidity, small share counts, wider bid/ask spreads, OTC, etc. etc. Pick your poison!
Of course, Schwab dings you for 6.95
Gary, you can negotiate with schwab to get $0 commissions. I haven’t paid schwab for OTC trades (or anything other else other than bonds through the bond desk) in 10+ years.
My Etrade guy (now Morgan Stanley) reverses these charges when I ask; he said he has some leeway as long as the number of charges is not excessive (but not defined so may vary by account).
Theta, there really are several of these being bought in the 6.45-6.50% ish range. Actually the actual trades are pretty tight across the CLP-AI-UE issuances in this yield. Watch the bid/ask pricing and do the finger math to determine yields at whatever purchase price tickles your fancy.
For example there are 1k shares of AILLN there for the taking at $75.80 which is 6.46%. However I have used that wall to have sellers dump me more well below that price.
If you decide to proceed with the ilk of this type, consider looking at all of them for best relative value. There are well over 30 of them to choose from.
Theta, as I type there are 150 shares of CNPWP at an ask of $31.35. That equates to a current yield of 6.5% if that floats your boat.
Edit, hope you got them as somebody did already.
Gridbird- I concur what you said about tradeoffs, liquidity, low trade volume, wider spreads etc. in terms of driving a comparable yield to the bank preferreds. However the poison I generally pick is bourbon. I’m still doing DD on all of these utilities. Do you think having AILLN and UEPEO is redundant given AEE underlying? I have to play with allocation #s and would probably split between the two. You got anything else in your super secret stash that is worth buying right now? Cheers.
Bourbon? Theta, I cant seem to reach above wine in alcoholic tastes, ha. Maybe I just havent found the right concoction of it! No they are actually 2 unrelated utilities from neighboring states. The only connection between the two is a common central office hold co that owns the common stock of both companies. They both have separate board of directors (though obviously lackeys of AEE that vote them in) UE is a triple vertical utility set up, while AI is a transmission and distribution only utility. AI has 10 bastard preferreds from 3 different smaller utilities gobbled up and consolidated into AI and UE has 7. You just have to watch and see which if any that day have a decent bid ask spread, or just lay your price down and sit and wait to see if you get a bite. I tend to be more interested in ones that appear to have a seller that day. And that can change.
For example I bought a couple hundred UEPCN not too long ago at $72, when the ask slide down, but with a current ask holding at $80 it appears dead for awhile. So on any given day (or month for some) it can change. Some like UEPEO have had a lot of recent activity and ask is tighter. Some like CNPWP did today will drop and give you an ask right at 6.5% which were “priced to sell”. And they went quickly. I needed a 100 more to round my lot out, so I bought them today. If the price hadnt just been there I wouldnt have messed with picking up a 100 more of them though.
I like these and am adding, but unwilling to let go of some of my others like the HY floaters still, and shorter duration stuff either.
While I buy these Ills here and there.. adding or starting new positions the new SCETP at a decent price is pretty darn tasty compared to the old stuff. Yes it is a Cali utility with the quirks of that region but the difference in yield is substantial enough to warrant the risk in opening a position in it.
FC, Good thing I bought right when SCE 7.5% came out. Not only was it cheaper then, I’m not allowed to buy it anymore.
That being said my longer goal with this allotment of cash is trying to snag LTCG hopefully down the road. These $100 illiquids mired in the 60s and 70s will provide a better opportunity if yields cooperate down the road. But I am only dedicating a percentage to this thesis.
Grid I was trying to put in a GTC bid on this and it kept getting cancelled. Finally yesterday a warning popped up something like OTC tier. I called and talked to a rep and they didn’t know anything about it and tried to place the order and waive the fee but no go. He kept getting the same message. So he called Pershing and they told him to send me to the OTC markets website.
Basically telling me to get lost.
Also tried Schwab and no go there too
I have no idea the rhyme or reason of why that is happening but, go figure, Ally allowed me to buy early and I can still place a bid. Ally is normally the worst of all when it comes to buying early. I want to add to the position but a bit closer to par. I don’t mind paying over but not too much.
Charles, I think some brokerages have these things tied up into the expert market edict. The fine print of rejection mentioned it. I am seeing a pattern for my few experiences. They come out with temp ticker and trade, then quit. Its like their program cant link the temp ticker to an actual SEC reporting entity. Thus it deems it as an expert market issue being its OTC and not linking it to a reporting company. Then all is well with the world again after it starts trading with its permanent ticker.