The $400mThere is no way to know if this deal is great or bad without knowing the conversion price and interest rate. If the conversion is at or above todays close and the interest rate is below 8% the stock should rally to an all time high. If the conversion is at a discount and the coupon is 9% or above expect some selling.
As always the devil is in the detail and without this info people saying it's great or bad are pretty silly.