The Conversion Ratio Is

The conversion ratio is:

A) the number of new lower coupon rate bonds that the bondholder receives for old bonds.
B) the ratio of the face value of the bond to its market value.
C) the number of shares of stock that the bondholder receives upon conversion.
D) the ratio of the bond's old face value to its new face value.
E) the number of bonds in the company's new project received upon expansion.