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Joseph Haverty

Joseph Haverty
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  • Early chatter on the Apple (AAPL) debt offering has 3-year paper priced around 35 basis points over comparable-maturity Treasurys and 10-years priced 90-95 bps above (Microsoft priced at +70). The 3-year Treasury currently yields 0.31%. Borrowing at 0.66%, Apple can buy back shares yielding nearly 3% (with free cash flow yield far higher than that). [View news story]
    Avid investor who loves what AAPL is doing.
    Take it private ? Why not ?
    They can borrow 30 year funds at 1.3%. After tax cost 1%
    Buy back shares yielding 3%. What am I missing ?
    Apr 30, 2013. 12:43 PM | Likes Like |Link to Comment
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