> Edit: Also debt and equity are not always that straightforward, they are shades of grey. Convertible notes are debt that look like equity.

Right, but that just reinforces my point. Debt is different from equity, which is different from a note. Legally and commercially, outside investors (or acquirers) are going to treat them all differently. It's not as simple as "raising $X means you have to repay $X+Y, no matter whether its debt, equity or note".