sevpc, page-11

after the step up rate it will be 4.25% above the 180 days bill rate. that is NOT cheap - especially with interest rates due to start rising again - that rate could be over 10% within 2 years. i would have thought he would try to shift everyone over to a TELYS4, same as last time - Ie effectively pay out $100 and issue again, so that he doesnt have to pay cash. it will still give us the option of getting out at $100.