The noteholders have an entitlement to $100 (face value of the bonds).
In the scheme of things the $12m twice a year is hardly enough to warrant an offer for exchange really...
They could offer to exchange at a discount I suppose, but I cannot imagine there would be support if the discount was too great.
BNG the way to go for me, though liquidity in BNB will probably see more daytraders play with the stock.
IF we see it ever traded again...
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BNB
babcock & brown limited
opening price , page-18
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