Think about what you are saying. If they are going to hold long term, why convert it cost them money to convert. If they think this is near a high than convert and sell. These bound still have over a year to go. I doubt you can come up with any explanation that makes sense to convert and hold. IF you want to hold why convert? Maybe if you wanted to start the LT CG clock running but that would mean you plan to sell in a year.
I had many options in companies I worked in. When I exercised it was always to sell, this is what most people do. Take a look at Excutives in companies and see how many convert and hold. Some but not many.
Ann: Partial Conversion of Bonds and Appendix 3B, page-6
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