Make sure you talk to the trustee.
URI 4% 5/15/15 can elect to specify a cash percentage, the amount of cash that we will deliver in lieu of all or the applicable portion of the daily share amount in respect of each trading day in the applicable observation period will equal 1) the cash percentage multiplied by 2) the daily share amount for such trading day (assuming we had not specified a cash percentage), multiplied by 3) the daily VWAP for such trading day. The number of shares deliverable in respect of each trading day in the applicable observation period in our common stock (plus cash in lieu of fractional shares).
The chain of command is as follows:
1) Company notifies the Trustee.
2) Trustee notifies the DTC
3) DTC notifies the Prime broker.
When you convert make sure you get the exact cash percentage and dates of observation period, otherwise you may be taking more risk than you want to.