Telegram issues $1.7 billion in convertible bonds, raising $745 million in new financing

Odaily News Telegram successfully issued $1.7 billion in five-year convertible bonds to replace $955 million in old bonds due in 2026 and raise $745 million in new financing. The coupon rate is 9%, 200 basis points higher than the first bond issued in 2021. If Telegram goes public, investors can redeem it at 80% of the IPO price. Telegram currently has more than 1 billion users, revenue will exceed $1 billion in 2024, and cash reserves exceed $500 million (excluding crypto assets). (Bloomberg)