And unless I'm mistaken the notes issued last year aren't even a...

And unless I'm mistaken the notes issued last year aren't even a concern themselves. From a layman's point of view reading through the notes prospectus it looks like the company can choose to redeem the notes, so it appears the company can choose whether to let the notes convert into shares or pay cash to the noteholders to cancel the notes. However I am a layman, and not being familar with legalese could very well be wrong.