May 1 announcement (7.44am ET): https://finance.yahoo.com/news/home-capital-reports-initial-draw-114400705.html May 8 announcement (7.00am ET): https://finance.yahoo.com/news/home-capital-provides-liquidity-deposit-110000230.html http://www.homecapital.com/press_releases.asp .
Liquid assets: April 24: $1.5 billion + $200 million (April 26 announcement) April 25: $1.3 billion + $200 million (April 27 announcement) April 27: $750 million + $200 million (April 28 announcement) Not reported in May 1 announcement May 5: $1.160 billion (May 8 announcement) Credit line usage: May 1: $1.0 billion (May 1 announcement) May 8: $1.4 billion (May 8 announcement) .
HISA balances: March 28: $1.991 billion (26 April announcement) April 24: $1.4 billion (26 April announcement) April 27: $814 million (27 April announcement) April 28: $521 million (28 April announcement) May 1: $391 million (May 1 announcement) May 8: $192 million (May 8 announcement) GIC deposits: March 28: $13.06 billion (26 April announcement) April 24: $13.01 billion (26 April announcement) April 25: $12.98 billion (27 April announcement) April 26: $12.97 billion (28 April announcement) April 28: $12.86 billion (1 May announcement) May 5: $12.64 billion (8 May announcement) Oaken savings accounts: April 28: $222 million (8 May announcement) May 5: $167 million (8 May announcement) .
I'll make the generous assumption that HISA balances remain unchanged in the coming weeks. However it looks like GIC deposits are disappearing at the rate of about $200 million per week. Therefore it may be only 3 weeks (3 * $200 million = $600 million) until the entire $2 billion credit line is used. .
Announcement about directors and shareholder meeting (May 8 at 7.05am) https://finance.yahoo.com/news/home-capital-announces-claude-lamoureux-110500650.html "The Company has set the date of its Annual General Meeting for June 29 in Toronto . The record date for the meeting will be May 26. " .
Home Capital Group's $325 million 2.35% senior unsecured notes mature on May 24, 2017. This is two weeks and two days from today. http://distressions.com/morning-high-yielddistressed-credit-notes-april-27-2017/ http://www.theglobeandmail.com/repo...ng-325-million-debt-deadline/article34904140/ https://www.bloomberg.com/news/arti...ils-to-draw-buyout-interest-from-canada-banks http://ca.reuters.com/article/businessNews/idCAKBN18116D-OCABS "According to Thomson Reuters data, the company also has $236 million in bonds maturing in 2017, and C$325 million ($237.3 million) institutional deposit notes maturing on May 24." If we assume two additional weeks of $200 million outflows, that might take the credit line usage from $1.4 billion to $1.8 billion on Monday 22 May. Then it will have only $200 million available in the days leading up to the $325 million maturity. .
They just suspended their dividend. http://www.cnbc.com/2017/05/08/reut...nergy-and-financials-home-capital-slides.html
Yes - it was really a non-event, because if they're borrowing at 15% to keep the doors open, then only a truly incompetent management team would continue to pay a dividend to stockholders. .
May 1 announcement (7.44am ET): https://finance.yahoo.com/news/home-capital-reports-initial-draw-114400705.html May 8 announcement (7.00am ET): https://finance.yahoo.com/news/home-capital-provides-liquidity-deposit-110000230.html May 9 announcement (7.38am ET): https://finance.yahoo.com/news/home-capital-announces-plan-sell-113800543.html http://www.homecapital.com/press_releases.asp .
Liquid assets: April 24: $1.5 billion + $200 million (April 26 announcement) April 25: $1.3 billion + $200 million (April 27 announcement) April 27: $750 million + $200 million (April 28 announcement) Not reported in May 1 announcement May 5: $1.160 billion (May 8 announcement) May 8: $1.100 billion (May 9 announcement) Credit line usage from the $2.0 billion facility: May 1: $1.0 billion (May 1 announcement) May 8: $1.4 billion (May 8 announcement) May 9: $1.4 billion (May 9 announcement) .