Telegram placed an additional $ 750 million in convertible bonds, Vedomosti reports citing an informed source.
According to Bloomberg’s closed mailing list for investors, on April 28, the placement organizers closed the order book, and the securities will go into circulation on May 6.
The parameters of the bonds are identical to those placed in March 2021. The minimum lot for purchase will be $ 500,000. The par value of the bond is $ 1,000 with maturity on March 22, 2026. The coupon rate is 7% per annum with a semi-annual coupon period.
The organizers of the new placement were JPMorgan, Singapore investment bank DBS and Russian Aton, the sources say.
According to them, half of the bonds will be bought by Asian funds, 40% by large global institutional funds and 10% by Russian companies.
The total volume of Telegram bonds issued into circulation will amount to $ 1.75 billion.
Recall that in March the Telegram messenger raised over $ 1 billion through the sale of convertible bonds . Pavel Durov confirmed this information.
The largest investors were funds from the United Arab Emirates – Mubadala Investment Company and Abu Dhabi Catalyst Partners. Collectively, they bought bonds worth $ 150 million .
The Russian Direct Investment Fund (RDIF) acquired a minority stake in the investments of Mubadala Investment Company for about $ 2 million.
According to the information announced by the media, the bonds provide their owners with the opportunity to convert them into shares of the company with a 10% discount to the offering price in the event of an IPO in the next five years.
A source close to the company said that Telegram is already preparing for an IPO , which could take place by the end of 2023.