Great information - muchas gracias for finding and posting that stuff - two things stand out to me:
1. As I just posted in a response to Dew, this is a cap gains play for note holders - they can convert if the pps is $10.62 or better, min annual return if held for 7 yrs is 4.3%, if pps hits that price earlier (and it should once HBI plant is running) their return is way, way higher.
2. The "ability" to convert if the notes are trading at 98% to par is a canard since CLF does not intend to create a market for trading them, and no trading = no value other than par.
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