e waterfall of that $8.4bn that could be swapped; may not be exchanged at all or could be pro-rated. New bond will have a 7.5% coupon that floats at 5yr MS +476bps in 2024 (callable in 2024). Details below, source: Pershing LLC as of 3/31/14. Your cost basis is 108.25 (down $22,500k MTM on 3mm face, do