MicroStrategy (MSTR) late Monday disclosed plans for a $1.75 billion private placement of 0% convertible senior notes maturing in December 2029, subject to market and other conditions.
The company expects to use the net proceeds from the proposed offering to buy additional bitcoin and for general corporate purposes.
The company also expects to grant the initial purchasers an option to purchase up to an additional $250 million of notes.
MicroStrategy also said the new notes are convertible into common stock or cash, or a combination of the two, under certain circumstances, or following certain events prior to six months before maturity. Terms of any conversion would be set near the maturity date, it said.
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