This is perhaps the most important component of this $MSTR convertible offering. They will be clearing the balance sheet of the Secured Notes which cost ~$30.6M annually in interest expense.

“MicroStrategy intends to use the net proceeds from this offering to redeem all $500.0 million outstanding aggregate principal amount of MicroStrategy’s 6.125% Senior Secured Notes due 2028 (the “Senior Secured Notes”) and to use any balance of the net proceeds to acquire additional bitcoin and for general corporate purposes.”