The IAS court correctly held that although 30% of the principal amount of each of the new debentures to be issued pursuant to the proposed exchange offer was to be redeemed almost immediately, on December 15, 2002, through a mandatory sinking fund payment, such redemption does not violate the requirement of the senior note indenture that any refinancing indebtedness have a final maturity that is no earlier than the final maturity of the indebtedness being refinanced. This...
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