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MicroStrategy | 8-K: MicroStrategy Announces Proposed Private Offering of $500 Million of Convertible Senior Notes

SEC announcement ·  Jun 14 20:09
Summary by Futu AI
MicroStrategy Incorporated, a publicly-traded company known for its Bitcoin development and enterprise analytics software, has announced a private offering of $500 million in convertible senior notes due 2032, with an option for initial purchasers to buy an additional $75 million. The offering, which targets qualified institutional buyers under Rule 144A, is expected to close on June 17, 2024, subject to customary closing conditions. The company has also priced a larger offering of $700 million in notes, with the potential to increase to $800 million if an additional purchase option is exercised. Net proceeds are estimated at approximately $687.8 million, or $786.0 million if the additional notes are sold. These funds are intended for the acquisition of more Bitcoin and general corporate purposes. Concurrently, MicroStrategy has issued a notice of...Show More
MicroStrategy Incorporated, a publicly-traded company known for its Bitcoin development and enterprise analytics software, has announced a private offering of $500 million in convertible senior notes due 2032, with an option for initial purchasers to buy an additional $75 million. The offering, which targets qualified institutional buyers under Rule 144A, is expected to close on June 17, 2024, subject to customary closing conditions. The company has also priced a larger offering of $700 million in notes, with the potential to increase to $800 million if an additional purchase option is exercised. Net proceeds are estimated at approximately $687.8 million, or $786.0 million if the additional notes are sold. These funds are intended for the acquisition of more Bitcoin and general corporate purposes. Concurrently, MicroStrategy has issued a notice of full redemption for its outstanding 0.750% Convertible Senior Notes due 2025, with a redemption date set for July 15, 2024. The redemption covers the total $650 million principal amount of the 2025 Notes. The company's forward-looking statements indicate plans for the proceeds and the anticipated closing date of the offering, while also acknowledging market condition uncertainties and other risk factors.

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