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Greetings,

Here is my guess. It may be that the notes to be retired are at a higher interest rate than what the new notes will be. In a way this could be similar to a person re-financing their mortgage I think. The key is that while the note isn't due for 4 years there would be 4 years of interest at 10 3/4% that may be higher than what the company would pay now with new notes. Also worth noting is that the new debt doesn't have a timeline to them so that they could be very long term notes that wouldn't be due till 2024 or something and thus the company can really stretch things out.

Just a thought,
JB
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