afr: mt kellett may convert debt into equity, page-9

I'll quote the exact bit from the article re conversion:

"In return, Mt Kellett received $US225 million of Lynas convertible bonds. The bonds pay 2.75 per cent a year and were initially set up to be convertible at $1.25 a share before July 2016.

"But with Lynas shares at 18¢ and near a four-year low, it is understood Mt Kellett is investigating whether it could swap the bonds for shares at a lower price using a scheme of arrangement."
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It could read as a lower price to their initial conversion price, not to the current share price, but it is ambiguous.