IF any noteholder elects conversion, the conversion price still has to be calculated. For those that opt for conversion by giving notice on 10-1, pricing will happen between 10/4 and 10/31 based on the volume adjusted weighted average price during that 20 trading day period.
Recently, the benefit from trading the notes compared to converting them has dropped from just under 13% about a week ago to just over 10%. No note trades were reported yesterday; today the note trading volume appears to be higher thatn last week. Quarter end institutional trades may have more impact than note related positioning/hedging. Cuidado, elephants at play.