Borrowing from new lenders to pay out the Hybrid securities means CNP would end up with more debts, since the 15c Hybrids must be paid out at current SP price (30c). Can't see this happenning any time soon.
Renegociating with the existing lenders wouldn't happen unless the bank managers have suddenly turned super nice.
I can't see why any one would want to pay 30c in a new capital raising if the bank can get them for 15c. The only time where someone would want to pay such a premimum is in take overs.
CER Price at posting:
17.0¢ Sentiment: Hold Disclosure: Held
