P & O - Full Steam Ahead

P&O's Scheme of Arrangement
Option 1 -
Accept Cash offer of 443p for each P & O DFD GBP1 share held.
Option 2 -
Accept a Loan Note Alternative on the basis of 1.00 GBP nominal of unlisted secured floating rate Loan Notes 2010 of Thunder FZE in
lieu of each 1.00 GBP of cash due under the Offer.
Option 3
Sell now at 464

Could someone please explain option 2 as I know nothing about Loan notes?

What are peoples thoughts on this?


Thanks.