I was intrigued enough by your reply to go to the replacement...

I was intrigued enough by your reply to go to the replacement prospectus and recheck the conversion paragraph. It does say that the conversion will use the "face value" of the note in the first part of the para which means that you are currently correct with your calculation. I had only ever looked at the precis of the conversion method which describes what happens at the issue vale of $1. Thank you for pointing that out as it very relevant now that the price has risen above the price you have quoted. Just as I have I think there will be others who did not notice the qualification about "face value".