Good summary sab8, yes that is how I see it. It is actually a good compromise, or win/win I think. Nhc either get cheap equity (compared to today's share price), or cheap debt in some share price scenarios. Noteholders get only a modest return at 2.75% and reasonably secure capital but with an effective option to buy nhc shares at $2.10 at any point in the next 5 years, adjusted for dividends.
NHC Price at posting:
$1.83 Sentiment: Buy Disclosure: Held
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