PiCK
Strategy to Repurchase $1.5 Billion of 2029 Convertible Notes Using Bitcoin Sale Proceeds
Summary
- Strategy said it will repurchase about $1.5 billion of convertible notes due in 2029.
- The cash to be used for the repurchase is estimated at about $1.38 billion.
- Strategy plans to fund the transaction with cash on hand, its at-the-market stock issuance program, and proceeds from Bitcoin sales.
Forecast Trend Report by Period
Strategy, the world's largest corporate holder of Bitcoin, plans to repurchase about $1.5 billion of its 2029 convertible notes.
In an 8-K filed with the US Securities and Exchange Commission on May 15, the company said it had agreed with certain investors to buy back about $1.5 billion of its zero-coupon convertible notes due 2029.
Strategy estimates the cash required for the repurchase at about $1.38 billion.
It plans to fund the transaction with cash on hand, its at-the-market stock issuance program and proceeds from Bitcoin sales.
The repurchase is scheduled to take place on or around May 19, subject to the satisfaction of conditions.
The repurchased notes will be canceled. After the cancellation, about $1.5 billion of the 2029 convertible notes will remain outstanding.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
