There is “tension” in the setting of the conversion price. A higher conversion price has lower potential dilution, if the Notes are converted by the Noteholders in the future. A lower price increases the likelihood the Notes are redeemed by LAC for cash, at face value, in the future, with no dilution.

What I like most about the Note issue is that the C-O free cashflow can now be used by LAC to fund expansion in Argentina, rather than being obligated to pay down the existing Ganfeng/Bangchak debt (as is presently the case).