Michael Saylor'sMicroStrategy Inc(NASDAQ:MSTR) recently completed its $3 billion offering of 0% convertible senior notes due 2029. These notes provide the investors with the protection of fixed-income security while enabling them to participate in the equity upside.
What Happened:The sale of the notes was completed in two days as the initial purchasers flocked and exercised the first additional $400 million principal amount on Nov. 20, and the remaining purchase was completed on Nov. 21, 2024.
The notes were offered to qualified institutional buyers with 0% interest and no accretion of principal because of its high conversion rate of 1.4872 class A shares per $1,000 principal...