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News Story Source: Zero Hedge
With Bitcoin surpassing $50,000 for the first time this morning, Business intelligence and mobile software firm MicroStrategy has announced it intends to sell bonds and use the net proceeds to "acquire additional bitcoins."
In the last few weeks, MicroStrategy has been adding more bitcoin to its reserves (here and here most recently), and today unveiled plans to offer $600 million of convertible senior notes due 2027 in a private offering to institutional buyers.
The notes will be unsecured, senior obligations of MicroStrategy and will bear interest payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2021.
The notes will mature on February 15, 2027, unless earlier repurchased, redeemed or converted in accordance with their terms. Subject to certain conditions, on or after February 20, 2024, MicroStrategy may redeem for cash all or a portion of the notes. The notes will be convertible into cash, shares of MicroStrategy&#
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