Don't be tricked by a low coupon rate on the debt. It is only the very start of the costs.
The true cost of these things is smeared across different categories in the accounts so that you can't easily see the true cost.
One example is the net cost of the call option for the 2025 convertible was $80.9m on funds raised of $976m which is a cost of 8.2%.
This is in addition any transaction costs, issuance fees, fx hedging costs, costs of early retirement of the old convertibles, unwind of old call option spread and any other costs including potential dilution.
It doesn't seem necessary for a company in a net cash position.
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