The US five year treasury is yielding about .8% and the 10 year 1.3%, so why would the financiers holding the $750 mil put have any interest in retiring it? I have to suppose that the $450 PBN is offering to retire corresponds to results of inquiries to the holders reflecting that level of interest in getting the cash now. In any event, between the the new financing, and the cash flow from the $100 level of oil the market's concern over the $750 mil put due in 2013 it to be removed.
With the put issue resolved, if oil remains at the $100 level, and the drilling program continues with current successes, PBN ought to be trading back up to the $20s this year.