The messaging platform Telegram is planning to issue five-year bonds worth $1.5 billion, garnering support from both new and existing sponsors. This was reported by the Wall Street Journal, citing informed sources.
According to these sources, the investors include holders of Telegram bonds, such as asset manager BlackRock and Abu Dhabi’s state investment company Mubadala. It is anticipated that the hedge fund Citadel will join them.
Sources revealed that the bond yield will be set at 9% per annum. The company plans to use the proceeds to repurchase the remaining debt from bonds issued in 2021, which are due in March 2026. Previously, the company repurchased approximately $400 million of these bonds in cash.
Investors in the new bonds will have the option to convert their debt into shares at a discount if the company decides to go public. Before the investigation in France, Telegram’s founder Pavel Durov did not rule out going public in the future. According to him, the company could potentially be valued at $30 billion.
According to Bloomberg, Telegram has raised a total of $1.7 billion from convertible bonds. The company will use $955 million to pay off existing debt. The deal additionally brought the messenger $745 million.
The established yield of 9% is 200 basis points higher than the rate on the first bonds issued in 2021.
Durov noted the “phenomenal” interest of investors in Telegram bonds.
By the end of 2024, the platform’s total revenue exceeded $1 billion, bringing the first profit of about $540 million since the launch of monetization through advertising and subscriptions.
In March, the application reached 1 billion active users per month, 15 million of whom are Premium account holders. Informed sources note that in 2025, Telegram forecasts a profit of more than $700 million with revenue of $2 billion.
Back in August 2024, French authorities detained Durov on charges of complicity in the distribution of drugs and child pornography, as well as refusal to provide information at the request of authorized bodies.
Soon after, the businessman was released on bail of €5 million, and in March 2025, he was allowed to leave France. Officials believe that Durov’s case will not be considered before 2026.
In response to these events, Telegram introduced enhanced moderation and began promptly processing and responding to legal requests from European authorities.