Asset Coverage Ratios / Leverage Summary
Asset Coverage Ratios Under the 1940 Act
The 1940 Act requires that TYG have an asset coverage of 300% with respect to senior securities (debt) and 200% with respect to preferred stock (including debt & preferred) at the time of a common stock distribution declaration. TYG's senior notes and preferred stock have the same asset coverage requirements and are measured as of the end of each month.
| Ratio as of Last Valuation Date 10/31/09 |
Ratio as of 11/13/09 |
|
|---|---|---|
| Debt (300%) | 454% | 493% |
| Debt & Preferred (200%) | 330% | 351% |
Basic Maintenance Covenant Requirements
Basic maintenance covenants must be passed at the time of a common stock distribution declaration. Basic maintenance covenants for TYG's senior notes and preferred stock are measured as of the end of each week.
| Status as of Current Valuation Date 11/13/09 |
|
|---|---|
| Debt | Passed |
| Debt & Preferred | Passed |
Leverage Summary
As of November 16, 2009
| Notes | Cusip # | Amount | Latest Auction Date |
Current Auction Rate |
Rate Period | |||
|---|---|---|---|---|---|---|---|---|
| A | 89147LAA8 | 60,000,000 | 9/4/07 | 6.750% | Extended to 09/2012 | |||
| B1 | 89147LAB6 | N/A | N/A | N/A | Redeemed 9/12/08 | |||
| E2 | Private | 110,000,000 | N/A | 6.110% | Matures on 4/10/2015 | |||
| 170,000,000 | ||||||||
| Preferred | |||||
|---|---|---|---|---|---|
| I | 89147L209 | 35,000,000 | 9/12/07 | 6.250% | Extended to 09/2010 |
| II | 89147L308 | 35,000,000 | 9/6/07 | 6.250% | Extended to 09/2010 |
| 70,000,000 | |||||
| Total: | 240,000,000 | ||||
- 1
- Redeemed $50 million on Sept. 12, 2008.
- 2
- Fixed-rate, long-term private offering. Redeemed $40 million on Dec. 3, 2008.
Credit Facility
As of November 16, 2009
| Amount Outstanding | Rate | Maturity Date |
|---|---|---|
| $1,150,000 | LIBOR +2.00% * | 06/20/2010 |
* Fee of 0.25% on any unused balance of the facility