According to Kommersant, Telegram intends to raise at least $ 1 billion through convertible bonds that will not be listed on the stock exchange. Some investors from Russia, Europe, Asia and the Middle East will be able to purchase them. Russian investors have already begun to receive offers.
Pavel Durov previously stated that Telegram, launched in 2013, did not make money and was financed with his own funds. In December last year, Durov announced that Telegram would begin to monetize, in particular, through advertising in large channels. The creator of the messenger added that he has no plans to sell it.
According to the source, the minimum check for Telegram bonds is $ 50 million, but this level may be lowered by $ 10 million. The right to select investors remains with Telegram, which does not plan to attract Americans.
The bonds will be issued for a period of five years, a coupon will be paid annually – tentatively in the amount of 7–8% of the debt, one of the interlocutors knows. If Telegram decides to IPO within five years, bondholders will be able to convert debt into shares at a 10% discount to the offering price.
Experts believe that under such conditions, the Telegram offer may be of interest to investors precisely because of the possibility in the future to receive Telegram shares on favorable terms.
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