Agreed. However I still highly doubt that L1 won't call the debt.
Rough math ahead:
Converting and selling into a flat market means they earn about 15% roi thanks to: 10% premium + 25% interest, less 20% conversion premium. And that 15% is at significant risk of being way less.
Calling the debt guarantees a 35% roi, effectively removes all risk, and expedites the payback timeline to a couple of days rather than 3 months.
Why on earth wouldn't they call it?
Agreed. However I still highly doubt that L1 won't call the...
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