HAS issued 150M $1 notes to Wyloo in return for $150M loan, so the notes face value is the principal of the loan... $150M.
At the holders option (Wyloo), the holder can request the notes convert in $150M worth of HAS shares, at the conversion rate of $5.50 per HAS share.
Thus if the $150M was repaid in shares not cash, $150M div $5.50 = 27,272,727 shares that HAS would issue to Wyloo as repayment of the principal.
Keep in mind, HAS isn;t repaying Qtrly loan interest in cash, they are paying interest by issuing more $1 notes, which is why the redeemable exchangeable notes in the cashflow 5B report keeps going up (now stands at $180.8M, up from 150M to start, and will keep rising into maturity Oct'25).
HAS Price at posting:
31.3¢ Sentiment: None Disclosure: Not Held
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