That's a very good question. The conversion factor changes with dividends so that the larger the dividend, the greater the number of shares that convert. The new thing is that off market buybacks are off the table, specials and larger ordinary dividends become a greater part of capital management. It is probably better to retire the notes as quickly as possible to avoid further dilution. Effectively, any dividends are added to financing costs so that the noteholders are getting them as well as shareholders. Maybe someone figured that out ahead of potential dividend activity.
Maybe there are other reasons instead or in addition?
Ann: Update - Liability and Capital Management, page-15
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