As the price of CCC increases, it's better to buy CCC compared to CCCO as it is cheaper than ccco. just for an exapmple,
CCC is 9 cents
CCCO is 5.6 cents -> which means you get ccc at 10.6 cents in Feb2013.
So you are paying 1.6 cents interest on 5 cents you save by buying option, that is 1.6/5 *100 = 32% interest in 2 years.
You are better of buying CCC.
