MicroStrategy ups convertible note offering to $700M


MicroStrategy
has

increased
its
convertible
senior
notes
offering
from
an

initially
planned
$500
million
to
$700
million.
The
notes
will
pay
2.25%
interest
per
year
and
are
due
in
2032.

According
to
the
company’s
statement,
investors
will
be
able
to
convert
them
into
shares
of
MicroStrategy’s
stock.
The
initial
conversion
rate
is
set
at
0.4894
shares
per
$1,000
of
notes,
equivalent
to
a
conversion
price
of
about
$2,043.32
per
share.
This
is
35%
higher
than
the
average
trading
price
of
MicroStrategy’s
stock
on
June
13,
2024,
which
was
$1,513.46.
This
conversion
option
adds
potential
value
if
MicroStrategy’s
stock
price
increases.

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Interest
payments
on
these
notes
will
be
made
twice
a
year,
starting
on
December
15,
2024.
The
notes
will
mature
on
June
15,
2032,
meaning
MicroStrategy
must
repay
the
loan
by
this
date
unless
the
notes
are
converted
into
stock
earlier.
Starting
June
20,
2029,
MicroStrategy
can
choose
to
buy
back
the
notes
for
cash
if
its
stock
price
reaches
at
least
130%
of
the
conversion
price

The
company
expects
to
raise
around
$687.8
million
from
this
sale,
or
up
to
$786
million
if
the
additional
notes
are
purchased,
to
purchase
more

Bitcoin
for
its
treasury.

Go to Source
Author: Andjela Radmilac


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