Ann: Synerject sale - Orbital to receive $25 million in cash, page-18

i thought there's no such thing as forced conversion? it's in the interest of the "note investor" to convert if the SP is high enough relative to par value the sell on market and reap the price difference in profit. if SP is not high enough or below par value, it's in the interest of the note investor to hold to maturity when the company will redeem the notes and repay the investor what they're owed?

i believe though there is a clause for early redemption of the notes by the company which is what was being alluded to in the latest notice.