The messenger Telegram intends to raise at least $1.5 billion through the issuance of bonds. According to information from sources familiar with the situation, the new bond issue is scheduled for May 28, 2025. It is known that these five-year bonds will have a yield of 9%.
This is reported by Finway
Funding and Investors
The funds raised from the bond issuance will be used to buy back debt obligations that were issued in 2021. The maturity date for these obligations is in March 2025. The company has already repurchased bonds worth approximately $400 million in cash.
Among the investors participating in the new issue are current bondholders of Telegram, including BlackRock and the state investment company Mubadala from Abu Dhabi. The hedge fund Citadel and several other financial institutions are also expected to join the list of investors.
Legal Issues and IPO Prospects
“As with the previous issue, the new Telegram bonds include the possibility of converting debt into shares at a discount in the event of the company going public. However, an IPO is unlikely in the near future due to legal uncertainties surrounding Durov and market volatility.”
It is noted that Telegram is issuing new bonds amid legal troubles faced by the company’s CEO, Pavel Durov. He is currently under bail in France and cannot leave the country without special permission due to an ongoing investigation.
However, after this information was published, Pavel Durov announced in his Telegram channel that he plans to visit Dubai in the first week of June and also hinted at positive news.
It is worth noting that earlier, the TON Foundation and the Libre service announced the launch of a $500 million RWA fund for the tokenization of Telegram’s debt.