RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:outlook 2017 + improve capital structureThe 2014 extension has been structured to be very tempting IMO. It would have to be, as the deb holders know what they're doing.
What's to lose by consenting to the extension? Just the cash redemption at par in Jan 2020. With 8% interest, NCIB, etc. the 2020 debentures could be trading near par by then anyway, in which case the extension would be all upside for holders that converted.