The Secured part of Lee's cap structure is ok. The Secured bank debt at 7.5% isn't terrible. They could extend this and maybe cut off 50bps or so. Not a big deal, doesn't move the dial much. The key is the back half of the capital structure. Specifically the 2nd Lien Loan, $175M at 15% is nothing short of offensive. They could refinance this at probably 9%. They should roll up the other notes as well into a $250M bond offering at roughly 9%. Based on where McClatchy's bonds are trading they should be able to get this or somewhere around it. I'd recommend doing a 7 year, investors like the shorter duration. Might even be able to get an 8 handle. Interest rate will drop from roughly $85M to $65M. That $20M in savings goes to pay down the secure debt at a much faster rate. Instead of paying $80M of debt per year we are now paying down $100M per year. Home run for the equity. I wouldn't mess around with a convert. This is a pretty simple/common sense solution that increase FCF by 25%, that creates real value.