Vivion - comment

Vivion has launched an amend and extend for its SSNs and convertible. The new notes will have a security package with an upfront cash payment for those who exchange. We are preparing an email for later today to assess the implications for bondholders. At first glance, the offer, which is made to all bonds and converts, looks slightly coercive, layering hold-outs and paying cash. First impressions are positive.