It is planned for 2025
BCS clients received a presentation stating that they could purchase Telegram bonds issued in 2021. They can be converted into shares if the company conducts an IPO (initial public offering of shares).
Buyers will be able to convert the par value of the bonds into shares when Telegram goes public, which is scheduled for the second or third quarters of 2025. The conversion is planned with a discount: a 10% discount is provided if the IPO takes place before March 2024, 15% if the IPO takes place before March 2025 and 20% if the IPO takes place before March 2026. If something goes wrong and the IPO does not take place, investors are promised to repay the bonds in 2026 in any case.
Investors get ready: Telegram is going for an IPO
The Association of Bond Owners confirmed to RBC that the presentation was received by BCS clients, drawing attention to the terms of the offer for clients. The presentation states that at the time of concluding the settlement contract, the underlying asset (that is, Telegram bonds with a coupon of 7%) has not been purchased. The slide states that if BCS fails to purchase the underlying asset, clients will be returned money with a yield of 3% per annum.
