Smart move Sensible to do this now, while the market is open due to central bank liquidity (QE everywhere). I had stated a while ago if you want to get long, wait for the issue, and here it is. Retail won't get access to the convert, but call your broker if you are inclined to play long (if they are part of the underwriting syndicate). It will be at a discount. And if you as a retail client get calls from your broker about it, then the institutional take up is perhaps not as strong as hoped.
there will be shorting of the common as part of the convertible arb strategy that some will take on re: the Notes.
AC has no idea how long it will take for corporate travel to come back nor the impact of a second wave in the fall. This is prudent decision making to take the cash now.
This does dilute the common for the first time in about a decade. And in the context of a $30-50 share price in 2019, this would be deemed expensive equity.
think about this as you elect to buy or sell.