Thanks, those were kind of what I assumed, but in some cases it still doesn’t make sense to me. For example, on 3/3/09 PXP solde Senior Notes due 2016. The Tenor listed by the bank says 7NC4. However, the prospectus says:
“We may, at our option, redeem all or part of the notes at a make-whole price at any time prior to March 1, 2013.
On or after such date, we may redeem notes at fixed redemption prices, plus accrued and unpaid interest, if any, to the date of redemption, as described under “Description of notes—Optional redemption.”
What am I missing here that it says NC4, however it looks like they can be called prior to 2013?
Similarly, another company whose bonds the bank says are 5NCL has this statement in the prospectus:
“may redeem all or part of the Notes at any time at its option at a redemption price equal to the greater of (1) the principal amount of the Notes being redeemed plus accrued interest to the redemption date or (2) a “make-whole” amount based on the yield of a comparable U.S. Treasury security plus 0.50%. In addition, before March 15, 2012, Anixter may redeem up to 35% of the aggregate principal amount of outstanding Notes with the net cash proceeds from public sales of Anixter International common stock at a redemption price equal to 110% of their principal amount, plus accrued and unpaid interest, if any, to the redemption date. See “Supplemental Description of the Notes — Optional Redemption.”
Seems they are callable…I must be missing something. Any thoughts?