The word ALL is what I see. Maybe instituted is the key word should it not read completed.
In January 2012, the company instituted a convertible debt retirement program under which it would retire all of its outstanding convertible notes. Under the program, the company has used cash flow from operations, as well as mezzanine financing, to retire the notes. MusclePharm has retired $5.5 million of derivative financing instruments with $3.0 million cash and 55 million shares of common stock.
I am referring to either the last convertibles or the some issued right before... i think it was JWBLUE that said the last convertibles will come on the market in mid-end April