"Even though its share price is slipping, the company was able to close its bond issue and secure the funds it will need for development work over the next couple of years without having to dilute equity during a down price period."

1) understatement, 2) for one year, 3) dilution is kicked down the road and this IS a down period, $.50 conversion is a screw over of existing shareholders.

They should have done the DB at 10% with a $1.00 conversion !