Is this statement correct on Convertible Bonds?

CFA Level II
#1

From Schweser QBank

“The conversion ratio times the price per share of common stock is a lower limit on the bond’s price”

I think it shoud be " the minimum price of a convertible bond is greater of straight value or conversion ratio x market price of a share"

#2

Anyone?

#3

Yeah, I agree with you. I think maybe they just meant that it is a lower limit (i.e. one of the lower limits).

Min Price of Convetible bond = MAX(Conversion Ratio * Stock Price, Straight Value of Bond)