A mature SaaS company has $500M in debt maturing in 6 months. Currently, base interest rates are up 300 bps since their last issuance, and their stock is down 30% from its peak. They must refinance. As an IB analyst, do you pitch high-yield bonds, convertible debt, or an equity rights issue? Defend your strategy.

一家成熟的SaaS公司有5亿美元债务将在6个月后到期，但目前基准利率比他们上次发债时高了300个基点，同时股价从最高点下跌了30%。他们必须再融资。作为投行分析师，你会建议他们发高收益债（HY）、可转债（CB）还是做股权配股（Rights Issue）？给出你的辩护策略。