Because a debt security always has a time discount and more importantly, the market still believes there is a strong chance BBI will not be around in 2012.
The interest rate for BEPPA is also very poor. 90 day rate +115 is a "boom time" rate. If it were re-negotiated now, it would be more like 90day +600.
re bbi/beppa crossover, page-13
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