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Here is the 8k -> Link
Major circumstances the Note holders can exchange before due date 2031 at their discretion
1) Call option (available after March 2012):
Strike Price > approx 11.45(130% of exchange price) for at least 20 tradings in 30 consecutive trading day (In real terms this is the price that they have raised the new 150 mil capital)
2) Put option (Only available in 2017 and beyond):
From the 8k "holders of the notes may require the Issuer to repurchase all or any portion of the notes on each of January 19, 2017, January 19, 2022 and January 19, 2027 for cash at a price equal to 100% of the aggregate principal amount of the notes to
be repurchased, plus accrued and unpaid interest to, but not including, the
3) Probably related to change of control
From the 8k "If prior to January 15, 2017, a make-whole fundamental change (as defined
in the Indenture) occurs or we elect to redeem the notes in connection with
certain changes in tax law, in each case, as described in the Indenture,
and a holder elects to exchange its notes in connection with such make-whole
fundamental change or election, as the case may be, such holder may be entitled
to an increase in the exchange rate as described in the Indenture."
Holders , if they engage in short selling at current price of 7.5 have protection from any price increase beyond 11.45 and would have to take a loss of around 3.5 if they have to cover.
And finally just 3.5% interest rate on unsecured debt ! I am not sure how they pulled this off.