Which of the following is not a benefit to a company issuing convertible bonds?

a. The conversion feature attracts investors who are interested in the speculative gain that conversion to common stock may provide.
b. Convertibles usually carry a lower interest rate than nonconvertible bonds.
c. If the bondholder converts to common stock, the corporation no longer has to redeem the bond at maturity.
d. The exchange of convertible bonds is at the owner's option rather than the issuing company's option.

d. The exchange of convertible bonds is at the owner's option rather than the issuing company's option.