MicroStrategy announced the pricing of its offering of $700M aggregate principal amount of 0.625% convertible senior notes due 2030. The notes will be sold in a private offering to persons reasonably believed to be qualified institutional buyers. MicroStrategy also granted to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $100M aggregate principal amount of the notes. The offering was upsized from the previously announced offering of $600M aggregate principal amount of notes. The offering is expected to close on March 8. MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $684.3M. The company intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes.
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