Originally Posted by
Pilot05
they are only paying back a portion of it with the proceeds of this IPO.
My understanding from reading the 2104 recapitalization agreement (included in the prospectus, starting at pg 42) is that they are paying back ~50M with cash from the IPO proceeds, and paying off the rest by issuing an additional ~22M shares. This includes their 5% notes as well as their 17% notes.
When they are done they will only have a single newly-issued 50M note at 5%.
Please correct me if I'm wrong -- I've only read through it a couple of times and it's a little terse.
Edit: I am leaning towards passing too. I just want to make sure that I understand exactly what's going on. It's limited to $10k, so I might just buy it and hope for a jump and sell quickly. But probably not.