Platinum,
If the current bondholders aren't adequately compensated, they won't take up the offer, so I think you'll find that the metrics will be roughly breakeven, albeit they lengthen their debt.
Otherwise, why wouldn't every company do this ??
Remember that the bond investors who hold the bonds are the same people who they will be talking to about the new bonds.
I doubt in this climate they'll find a whole new cohort of FMG bond buyers !!
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