it is actually a bit better than that in my opinion. They are paying for it, but they are spending $11m to make the convert not really dilutive until $28 via the capped call. Depends on how you think about it, but you could spread the $11mm over the life of the convert (5 years). So it is 1.25% coupon, then another roughly 1.75% (11mm / 125mm / 5 years) = 3% total to raise $125mm and have no dilution until $28. That's a great deal in my view. If they case raise effective 3% money to build/buy more capabilities with much higher ROI and redeem 10.5% preferred, that's good for shareholders.
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