I think it's actually worst than that.The announcement said the...

I think it's actually worst than that.
The announcement said the convertible notes will amount to 10% of ABC's diluted equity (or 11% undiluted). Equity is currently at $2.25bil, hence 11% = 250mil.

Don't know the actual value of the notes, but it's fair to assume that it'll be cheaper than the current share price. Let's assume it's $2. Then that means $250/$2 = 125mil shares.

Currently there are about 475mil shares, so the private equity will be owning 125/(475 + 125) = 20.8% of ABC (not 10%)