aboboMy understanding is as follows:- AAZPB has stepped up and...

abobo
My understanding is as follows:
- AAZPB has stepped up and is now paying the higher margin
- company will decide somewhere in next year or so, when financial crisis is over, to either redeem or convert to equity.
- they do not need to consult noteholders in the event they step up nor do noteholders have the right or need to make any choices

It appears ALZ made the decision to step up in order to give them an option on financing rather than convert to equity at a very low share price.

Given CapitaLand owns over 60% and is cashed up, I expect AAZPB to continue to pay coupons at he attractive yield until the time is right for them to redeem or convert.