Only $71M of the original APS still outstands. All else was refi'd.
It was filed in today's Form 40.
They are trying to refi the last $71M of APS to provide liquidity to those who bought them and give common shareholders higher payouts.
In essense the APS market is illiquid and locks RQI into an auction rate from last year when the market failed. RQI can today refi these at a lower rate (thx Feds), provide liquidity to the holders, and boost payouts.
They are asking for a ruling from the SEC in via a Form 40 request.
With 39M shares outstanding we could see an additional $0.05-0.10 of annual divy on refi.