Im aware the face value is $1.20 per note but I am not sure they are getting a $1.20 face value note for every $1 they kick in.
If what you think is correct, they would be issued 4,750,000 notes at a face value of $1.20 each.
I am asserting they would be issued 3,958,33 notes for $4,750,000 cash provided.
Could be wrong.