Telegram’s plans to borrow $ 1 billion in the market through convertible bonds were announced last month. At that time, it was reported that Eurobonds would be placed for a period of five years, and at the end of the term, they can be converted into Telegram shares with a 10% discount to the market price if an IPO takes place. At the same time, the size of the minimum check is $ 50 million.

According to available data, the bonds’ placement is carried out in strict confidentiality, and all those who received the prospectus signed a non-disclosure agreement. It was also previously reported that the placement would be completely over-the-counter, i.e., without registering a prospectus and listing. As for the attracted funds, $ 684 million will repay debt obligations under open credit lines. These loans must be paid by April 30th, so the bond issue proceeds will be primarily used to address this issue.

Recall that the company’s debts were formed due to the need to return funds to investors who invested in the failed TON blockchain platform and the Gram cryptocurrency. Then the company managed to raise $ 1.7 billion, but the US Securities and Exchange Commission banned the sale of cryptocurrency, which is why Telegram was obliged to return the money.