ChainCatcher news, according to official news, MicroStrategy Incorporated announced that, based on market conditions and other factors, the company plans to privately issue $700 million in total principal amount of convertible senior notes due in 2028 (the "Notes") to qualified institutional buyers in accordance with Section 144A of the Securities Act of 1933, as amended (the "Securities Act"). MicroStrategy also expects to grant the initial purchasers of the Notes the option to purchase up to $105 million in total principal amount of the Notes within 13 days from the date of the initial issuance of the Notes. The issuance is subject to market and other conditions, and there is no guarantee whether, when or under what conditions the issuance will be completed.
The Notes will be unsecured senior obligations of MicroStrategy and will bear interest, payable semi-annually on March 15 and September 15 of each year, beginning on March 15, 2025. The Notes will mature on September 15, 2028, unless earlier repurchased, redeemed or converted in accordance with their terms. Subject to certain conditions, on or after December 20, 2027, MicroStrategy may redeem all or a portion of the Notes for cash.
