"there is a high chance that they will redeem the TELYS3 for...

"there is a high chance that they will redeem the TELYS3 for $100 each"

I just don't see it. Stokes is determined to own the Australian media market piece by piece. He needs cash to do that. He isn't going to give it back in exchange for a point or two of interest. He'll sit and wait for a chance to deploy it.
Refinance into a new issue or bank debt is possible. It's more likely that it won't be bank debt because he'll want to keep that for leverage in the future.

Morningstar have looked at the numbers not at the people and in Stokes case it's all about him!

I've been very disappointed in his investments to date. It looked like he had a once in a lifetime opportunity over the last 12 months and he's squandered it on high priced opportunities rather than deep value.

SEVPC was interesting at 76c.