In what alternative universe are BIEL's "OS reached at $25 billion" ?
Incase you have not noticed the cost of borrowing money increases with risk that you won't be able to pay it back.
Before the Fed started raising rates 2 percent car loans were available to those with a good credit score and stable job history. If your credit score was in the 300s and you started a minimum wage job 3 months ago you would be paying 12% interest rate or higher if you could find someone willing to lend to you.
Those that loaned money to BIEL faced a real risk that they would never get their loans repaid so they received that 8% interest rate and the discounted conversion to shares rate.