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What is Floorless Convertible?

Definition of Floorless Convertible

Used by companies that are in such bad shape, that there is no other way to get financing. This instrument issimilar to a convertible bond, but convertible at a discount to the share price at issuance and for a fixed dollar amount rather than a specific number of shares. The further the stock falls, the more shares you get. Popular in the mid to late 1990s. Also known as toxic convertibles or death spiral convertibles.
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