PureCycle Technologies is using approximately $246 million of its new convertible note proceeds to retire its existing 7.25% green convertible notes due 2030, replacing them with 4.75% convertible senior notes due 2032. The 250 basis point reduction in the coupon rate translates into meaningful annual interest savings for a company still in the capital-intensive early phases of commercial scale-up. However, the transaction comes with a cost to equity holders, with the 17.7 million new shares issued at $8.21 representing immediate dilution at a discount to the pre-announcement trading price. Shareholders who experienced the stock's more-than-doubling over the prior three months are now absorbing both the dilution and the price reset that accompanied the transaction announcement.