CPN: Calpine Corporation Message Board

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Gold/Mining/Energy : CPN: Calpine Corporation

FRO 23.66

-0.3%

Nov 7 9:30 AM EST

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To: kodiak_bull who wrote (224)	1/6/2002 12:01:44 AM
From: Howard R. Hansen	Read Replies (3) of 555

If the bondholder pays $1 billion for this issue he gets two things: a 4% coupon bond and the right to convert at $18.07 per share, that is, pay $18.07 to buy one share of CPN. Your wording has me confused. Are you saying that when a holder of one of these convertible notes converts his note into common stock he/she has to pay $18.07 per share for their common stock he/she receives? Up to now I had been under the impression there was a straight swap of a convertible note for X number of shares of Calpine stock when the price of Calpine exceeded $18.07 per share. Which is it?

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