The messenger service Telegram plans to raise at least $1.5 billion through the issuance of new bonds. The securities will be placed on May 28, 2025, and their maturity period will be five years. The expected yield on the bonds is 9% per annum.
This is reported by Business • Media
Issuance Terms and Investor Composition
The funds raised from the bond issuance are intended to be used for the buyback of debt obligations issued in 2021, which are due in March 2025. At this point, Telegram has already repurchased bonds worth approximately $400 million in cash.
Among current investors are well-known companies such as BlackRock and the state investment company Mubadala from Abu Dhabi. The hedge fund Citadel and several other financial institutions are also preparing to participate in the new issuance.
Debt Conversion and Legal Nuances
“As in the previous issuance, the new Telegram bonds include the option to convert debt into shares at a discount in the event of the company going public. However, an IPO is unlikely in the near future due to legal uncertainties surrounding Durov and market volatility,” journalists stated.
It is known that the deal is taking place amid legal difficulties faced by CEO Pavel Durov. Reports indicate that he is currently under bail in France and cannot leave the country without government permission due to an ongoing investigation.
Despite this, shortly after the news broke, Pavel Durov announced on his Telegram channel that he would be in Dubai by early June and promised to share good news.
It was previously reported that the TON Foundation, along with the Libre service, announced the creation of a $500 million fund for the tokenization of Telegram’s debt, indicating ongoing interest in the company’s financial instruments.