I think if you spent the time & looked at the Balance Sheet...

I think if you spent the time & looked at the Balance Sheet you'd find that taking on anymore debt would be prohibitively expensive & too risky. The alternative to fund their growth expansion plans would be a straight placement which would lock in the dilution now & likely at a higher discount rate than 8% to raise that sort of cash.
Or of course they could self fund through existing facilities & cash flow at a lot slower rate.

At least by offering existing shareholders these convertibles the money is returned to shareholders rather than external parties.

It's pretty clear that your view of CSS is clouded by the fact that you bought in before the feed issues a long time ago.