The offering of convertible notes is a common method for companies to raise capital. While it can provide Sphere Entertainment with immediate cash, it may also lead to dilution of existing shareholders' equity if the notes are converted into stock. The impact on the stock price in the short term is likely to be neutral as the benefits of increased cash reserves are offset by the potential dilution. The market's reaction will depend on investors' views on the company's growth prospects and the terms of the convertible notes.