RE:RE:the senior notesI assume that the share price will be above the $19.04 conversion price when they refinance the senior notes, and the convertible debentures will turn into common shares.
In mid-2017, they should be able to issue $300 million of medium term notes at a significantly lower interest rate than the existing 8% and 9.25% notes. At which point, they will be free to start paying modest dividends.