Notes near enough bond FV now (inc. accrued), nil value for exch' optionality. Exchange included in IPO timetable, seems to indicate they will redeem notes not exchanged - worth checking again. Sec 2.6.5 original prospectus sets limit on amount of notes permitted to be exchanged into IPO, seemingly a low bar here (IMHO), otherwise think any/all at holders option. Exchange offer (22/4) closes before new money offer (27/4), hence no second look. Always DYOR/read everything, IMHO.
