Interesting. So I suppose this is still good for Tesla (and TSLA), long term?
If you own TESLA then you now own a little less of it because the company had to take a small part of every shareholder ownership stake and give it to the bond holders.
For this though they no longer have to pay interest and principal on bonds they issued.
Its the same thing really as say having a two partner business with debt. A third guy comes in and says "hey let me repay the debt but you guys give me 33% of the business".
You would need to calculate the ownership loss and the reduced interest expense and principal repayment gain to figure out if this is a good thing.
The second part is easy to figure out -- its just straight arithmetic.
The first one is hard or impossible to figure out -- what is a part ownership of Tesla worth?