Understanding issues with press release

I need a little bit support to understand some parts of a press release better.
I really appreciate any support. Thanks so far.

„The Company“ announced today an aggregate of $xxx million in buyback and elimination of:
(i) two outstanding convertible notes with 5.5% coupon and a conversion price of $xxx per share (the “Notes”).

→ How can you elimnate notes from holder anf at the same time convert into shares?


Because these are

that’s the short answer.

The longer answer is that you can read up the terms of that specific issue of notes. There will be clauses in relation to conversion with the specific covenants that have been agreed at the time of issuance.

They told to exercise this with a fixed share price.
But at the date at the announcement the current stock share price was below this exercise share price.
So does this make sense?

This does not sound ideal but very much in the realm of what is possible. You will have to dig into the terms of the issue to be sure how and why of the transaction.