Axon Enterprise (AXON) Prices $1B of Zero-Coupon Notes. What is the Real Cost?

Axon Enterprise announced pricing of $1 billion in zero-coupon convertible senior notes on September 16, with settlement expected on September 18. Underwriters also received an option to purchase an additional $150 million to cover over-allotments.
After underwriting discounts and estimated offering expenses, Axon expects to retain approximately $986 million in gross proceeds. The company incurred $99.9 million in capped-call transactions, leaving approximately $886.1 million available for gene