Telegram issuance of $1.7 billion convertible bonds, part of which is used for debt replacement.

PANews reported on May 29 that, according to Bloomberg, Telegram successfully issued $1.7 billion in five-year convertible bonds to replace $955 million of old debt due in 2026 and raised $745 million in new financing. The bond has a coupon of 9%, which is 200 basis points higher than the initial bond in 2021. If Telegram is listed, investors can redeem it at 80% of the IPO price. Telegram currently has more than 1 billion users, revenue exceeding $1 billion in 2024, and cash reserves of more than $500 million (excluding crypto assets).