buyout by csc, page-20

Nope, one for one conversion on these convertibles. Though they are worth considerably more at face value than OCP value them at.

From the iSoft HY Report, bottom of pg 22:

Convertible notes:
Convertible notes are unsecured. Each note may be converted at the holder‟s discretion into one ordinary share in the Consolidated Entity at any time till the maturity date. If not converted on the maturity date, the notes must be repaid at face value amounting to $39.7 million. The maturity dates of the notes are 31 October 2012 and 19 November 2012. Interest on the convertible notes represents the discount unwind to maturity at a comparable interest rate of a debt instrument without a conversion option (refer Note 6).

OCP won't have $171m from the SS sale, as they have quite a bit of debt associated with it - I think they end up with about $83m more cash from it. Not sure that existing OCP investors would be happy with this move, even if it were possible (which I doubt).