Hi Guys. The CWNHB prospectus states that Blackstone will have 15 business days from a change of control event (which will be tomorrow, 24 June), to redeem the notes. Alternatively, the margin increases by 5%. Accordingly, notes would most likely be redeemed by 15 July.
Further "Notes II will be redeemed at their Face Value of $100 per Note II (plus any accrued and outstanding interest and any outstanding Deferred Interest Payments)", so the redemption should result in the payment of the outstanding interest.
Given the cost of borrowing from Blackstone will be materially lower than the notes, I would expect them to redeem, but you never know.
Hope this sheds a bit of light for holders who havent had an interest payment for a while!
CWN Price at posting:
$13.09 Sentiment: Hold Disclosure: Held
