Be careful, Sycamore actually bought this stock at $7.25 for 50 million dollars.
If you read Sycamore's 150 million loan in details. you would found
$150,000,000, consisting of a five-year $100,000,000 million tranche A facility and a ten-year $50,000,000 million tranche B facility.
The shares of Series B Preferred will be convertible into Common Stock at a conversion price of $7.25.