sevpc

Guys
What do you make of SEVPC? Tabcorp has just issued company bonds at 4.25% over the 90 day bank bill, whereas with SEVPC we will get 4.75% over the 180 day bank bill (from next May), plus we get it currently at a discount of 20% - Ie $80. This means effectively we are getting around about 6.5% over the 180 day bill. All this assumes the outcome that SEV does not buy back these bonds next May.
If they do buy back the bonds next May, then we get 3 dividends and then $100 for our $80 investment, in 13 months.
Aside from the outside chance of Stokes doing something stupid like wasting a billion dollars investing in the NBN or something, these notes seem pretty interesting at these prices, especially if people are willing to pay more for less, with Tabcorp. Comments?