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MicroStrategy talks $500 million seven-year convertibles to yield 0.375%-0.875%, up 40%-45%
By Abigail W. Adams
Portland, Me., March 13 – MicroStrategy Inc. plans to price $500 million of seven-year convertible notes after the market close on Thursday with price talk for a coupon of 0.375% to 0.875% and an initial conversion premium of 40% to 45%, according to a market source.
Citigroup Global Markets Inc. is the sole bookrunner for the Rule 144A offering, which carries a greenshoe of $75 million.
The notes are non-callable until March 22, 2028 and then subject to a 130% hurdle.
They are putable on Sept. 15, 2028 or upon a fundamental change.
The notes will be settled in cash, shares or a combination of both at the company’s option.
Proceeds will be used to purchase Bitcoin and for general corporate purposes.
MicroStrategy is a Tysons Corner. Va.-based business intelligence and analytics company.
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