I am not really sure who got the best of this deal. Definitely, this looks like an attractive investment. Limited downside, nice rate, and some nice optionalit

I am not really sure who got the best of this deal. Definitely, this looks like an attractive investment. Limited downside, nice rate, and some nice optionality with the warrants. But...this is AirBnb. At the very least, they should have got either an improved strike or more shares. The warrants just seem to say something very different to the bonds. At best, this is a B rated security and maybe CCC. And they are really going to have a chainsaw to costs here. I would expect at least 50% of the workforce and probably closer to 75% given the fat that some of these SV companies have been rolling with. Definitely funding that screams: we are near bankruptcy.