Re: bxe only reduced debt 25% in exchange
I don't have market permissions or live data on the convertibles so I can't touch them. It would absolutely be a slam-dunk arb trade for somebody though. Implied bond value in the exchange is 144 cents. I see last trade today at 62 cents.
Maybe there's some chance the ratios are reallocated, some third party comes along and offers a better deal, or shareholders reject and hope for the best. I expect some premium to the implied completion price in light of those. I'm just shocked at how much is in there. Either I'm crazy or the market is.
It's not that much money so I'm not too worried. I almost never jump on things like this right at the open, but I thought the math was too crystal clear and it might be like a 20% gain within minutes. Guess I should have waited to see the market reaction.