According to an official press release from MicroStrategy, the company plans to privately issue $600 million in convertible corporate bonds to qualified institutional buyers. MicroStrategy also stated that it will use the net proceeds from the bond sales to purchase more Bitcoin or for general corporate purposes.
It is reported that these bonds will pay semi-annual interest on March 15th and September 15th each year, with the first interest payment date being September 15th, 2024. Unless redeemed, repurchased, or converted in accordance with its terms, the bonds will mature on March 15th, 2030. Additionally, MicroStrategy expects to grant initial purchasers an option to purchase up to an additional $90 million aggregate principal amount of the bonds within 13 days from the date of issuance.
