Telegram has placed additional convertible bonds totaling $750 million. According to report by “Vedomosti” citing an informed source.
According to Bloomberg’s investor newsletter, on April 28 the organizers closed the order book; the securities will enter into circulation on May 6.
Bond terms are identical to those issued in March 2021. The minimum lot is $500,000. The nominal value per bond is $1,000, with a maturity date of March 22, 2026. The coupon rate is 7% per annum, with a semi-annual coupon period.
The organizers of the new issue are JPMorgan, the Singaporean investment bank DBS, and the Russian ‘Aton’, according to sources.
According to them, Asian funds will buy half of the bonds, 40% will go to large global institutional funds, and 10% will go to Russian companies.
The total amount of Telegram bonds outstanding will be $1.75 billion.
In March, Telegram raised more than $1 billion through the sale of convertible bonds. Pavel Durov confirmed this information.
The biggest investors were funds from the United Arab Emirates — Mubadala Investment Company and Abu Dhabi Catalyst Partners. In total, they bought bonds worth $150 million.
The Russian Direct Investment Fund (RDIF) acquired a minority stake in Mubadala Investment Company’s investment worth about $2 million.
According to media reports, the bonds give holders the option to convert them into the company’s shares at a 10% discount to the issue price in the event of an IPO within the next five years.
A source close to the company said that Telegram is already preparing for an IPO, which could take place before the end of 2023.
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