I don't guess anyone on this board understands what call protection is on a bond. There won't be any refinancing of either bond issue until they reach their first call dates. You're nuts if you think the current bond holders are going to trade in their paper for lower yields until they have to. The par pricing on the 12% bonds isn't just because the market senses a call....there has been a scorching rally in the junk bond market in general. I'm i'll just receive more invective and tantrums from those that would rather vent than look at the facts here. The company has potential but you can't make things happen by "Wishing" for them..which is the tone of many on here.
Time for the company to get busy and line up the financing for the re-fi on the 12% bonds. Bond tender offer of 105 plus accrued interest should get the job done. Of course, 12% bond holders can hold till March 2004 in which case they'll be taken out anyhow.
Tremendous yearly cash savings for SBAC on this deal..