Nick, you all-ready made as much on sliver as you would on CLL. No regrades, there is always another opportunity.

Here is my translation of CLL Refinancing news:

CLL is offering $70 million premium to the Notes holders for surrendering their future interest obligation on $787 million long term debt.

This does not include the $100 million debenture which is due next year.

The condition of this transaction are:

1. Debt holders have to surrender about $300 million of future interest payments

2. Connacher have to get a New Financing for about $900 million ($787 + $70 + 5% transaction cost). Like some one suggested this New $900 million debt may have 10 years term at 8%. Annual interest payment would dropped from $100 million to $72 million per year impoving the cash flow.

Obviously, longer term applied to the larger debt will substantially increase total interes paid on the loan. It is a nature of the refinancing.

CLL may go one step farther and add $350 million for Algar expansion to bring total financing to $1.25 billion which would bring the interest payments to about what they pay now.

CLL SP stopped the bleeding and went up after the news on active buying by RBC Securities. They will take big piece of pie of $45 million transaction cost.