BlackBerry (BB) has released an update to notify the public and investors about an entry into a material definitive agreement.
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BlackBerry Limited completed a private offering of $200 million in Convertible Senior Notes due 2029, with interest at 3.00% per year, payable semi-annually. The notes, which mature on February 15, 2029, were issued under an Indenture with Computershare Trust Company as trustee and cannot be redeemed before February 22, 2027. BlackBerry received $194 million in net proceeds, intended to repay existing debentures and for general corporate purposes. The notes are convertible under certain conditions, and the company may issue up to 68,259,386 common shares upon conversion. The Indenture also outlines default terms and repurchase obligations in case of a fundamental change.
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