MicroStrategy announces $700 million convertible senior notes offering

MicroStrategy announced the issuance of $700 million in principal amount of 0.625% convertible senior notes due in 2030. The notes will be sold in a private offering to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended. MicroStrategy has also granted the initial purchasers of the notes an option to purchase up to an additional $100 million aggregate principal amount of the notes within 13 days from the initial issuance date. The offering size for this issuance is larger than the previously announced $600 million aggregate principal amount. The offering is expected to close on March 8, 2024, subject to customary closing conditions. Previously, it was reported that MicroStrategy planned to issue $600 million in convertible senior notes to purchase Bitcoin and other assets.