A premium put convertible which is embedded with several premium put options. Typically, each put option is structured in a way that on any put date the terms of the next put are sufficiently attractive such that the holder will still have a financial incentive to continue holding the convertible until the next put date, rather than exercise the option. This potentially helps keep the convertible alive as long as possible whether it is eventually converted or left outstanding to final maturity.
November 24, 2024
