Might be a little arb play here. Am I reading this correctly, that they have some cash and just got a new offering that is going to take out the current float that redeems in 2 weeks? IF this is the case, the bonds are trading at an 8% discount par right now. Someone just grabbed $50000 face on the ask. CEJV announced a new $120MM offering that will be used to payoff the upcoming March 1st float. S&P cut them, but that is not my concern if in fact the new offering is a new float, unlike the River Rock where they replaced the excisting bond float with a brand new bond float.http://www.reuters.com/article/2012/02/06/idUSWNA95522012020...
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