To all owners of 8% Hilton QUIBS: they will be fully called out on Nov. 25th, with the price $25 plus unpaid interest - looks like no premium. Blackstone is going to put Hilton on IPO soon.
I do not think you can reject the offer likes during previous call for these QUIBS.
It was a nice investment! It was a backbone for both my IRA and regular brockerage account; I was buying shares at all prices between $5.10 and $25, with the average price around $13 (and correspondingly average yearly dividend around 15%)
I wish Good Luck to all QUIBS owners. I do not have a good replacement - something which will stay as a rock for 10+ years with 8%+ dividend; I am afraid these choices are absent.
I bought recently some GS-B preferred for price around $23-$24, which gives close to 7% yield and looks solid.
I also have a lot of SFI preferred shares for many years, which offer better yield and which also went from a few dollars apiece to around $22-$24 - but they are not so reliable, subject to market fluctuations.
I also plan to participate in HILTON HOTELS IPO which will be relatively soon, do not know exact time frame - but that's very different story.
How about MLP's, the distributions are above 8% on some very good one's. I have owned CLMT for some time and the units declined due to the thought rates were increasing. Obviously that is not the case but units are selling around $31.50 with a $2.74 distribution. I have tended to add when the price drops and have been pleased. Oh I love BX too, been a long time holder.
Yes, MLP can be good, but they are very different. They are fluctuating with the market and alone, while QUIBS - like preferred shares etc. - in good times will stay constant and provide predictable yield.
Particularly CLMT, which you use, looks suspicious to me (although I did not dig it). Something going on with the company. Last quarter they earned 5c per share - with expected earnings 82c. They have strong negative growth 84% this quarter and 75% projected next quarter.
Maybe it is really good time to buy on dip, but should be researched. You will get update on Nov 05 earnings announcement - but it is possible that selling before will be the better option.
For so long this has been too good to last, and while I'm heartbroken finally to have to give these up I'm also grateful to have benefited from Blackstone's misfortune in timing that cratered these securities right after the buyout and forced holding Hilton for several more years than intended. This is the last and greatest of my holdings from the terrifying opportunities of 2008-2010, and while I hope never to see days like those again I would appreciate any and all suggestions such as above of even a pale replacement for these QUIBS being lost as the Dow hits all-time highs.
like yourself- this is my last investment from the 09 market crumble. average price around $6.50 with almost 4 full years of interest. A big loss of income and a huge capital gains tax- as mentioned in earlier post- i hate that i have to give my money to this horrible president