could be attractive if taken out prior to
maturity. This yield-to-most likely (YTML) could provide incremental yield to
investors relative to the yield implied ... free up additional secured
capacity (we assume on 7/15/18 for illustrative purposes), the YTML would be
8.44%. We note that even with incremental secured capacity per the bond
indentures ... utilize this incremental capacity given the secured incurrence covenant in the
bank debt. This YTML of 8.44% is wide of the yields on long-dated paper, and
we argue