Last week Ascent Resources, which is formerly American Energy (Aubrey McClendon's company), targeting the Utica Shale, launched a note swap. Ascent is offering to exchange 3.50% Convertible Subordinated Notes due 2021 with two sets of new notes, another 3.50% Convertible Subordinated Notes due 2021 and incremental junior secured loans due 2019. We have no clue