It's fairly neutral news. CVI has the option to redeem $10m each six months (and any previously deferred amounts). Up until now, they haven't redeemed anything. This $40m + accrued interest is redeeming all of the eligible amount since the notes were issued.
There should be a reduction in liabilities (but not the full $40m + accrued interest... because not all of the notes were accounted as debt. Some was accounted as equity, so to square the circle, I expect equity to decline a little as well), and a reduction in cash of $40m+accrued.
Ann: Convertible Note Redemption, page-6
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