The detailed terms are that the institutional cost is above 34.5, and the company itself believes its stock price can reach around 52 within the year:

Conversion price: Approximately 34.58 per share, a 32.5% premium over the pre-issuance stock price of about 26.10; this means the stock price must rise above 34.58 for creditors to choose to convert.

Conversion ratio: 28.9185 shares / $1,000 principal, with each $1,000 principal bond convertible into about 28.9 shares of the company's stock.

Capped call options have been purchased simultaneously; the company used part of the raised funds to buy options, pushing the actual dilution threshold from 34.58 further up to 52.20, a premium of about 100% over the current price.

Coupon rate: 3.75%, extremely low financing cost; compared to LBRT's current conventional debt rate of about 7%-8%, this financing can save tens of millions of dollars in interest expenses annually, reflecting the bond market's strong confidence in its power transition prospects.

$Liberty Energy(LBRT.US)