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Debt refinanced at prime + 1.5%? What have you been smoking? Who on earth would buy unsecured long term debt at that rate? You're dreaming. And you do you think would buy a preferred stock instrument? Dream on . . .
Hey eggplant,Yeah I made a mistake on that. Add a few more points. Who would buy the preferred? Depends on the terms. But I think there is a market for this type of investment. Maybe Laidlaw ;)