Unedited by Larry Chiang
MSTR is targeting 0% coupon with a maturity on March 1, 2030. They are rebuilding the debt ladder, and the 2030 maturity makes perfect sense as the current $800M have a conversion price of $149.77. This is the second lowest conversion price on existing bonds after the 2027 (which will be fully converted by Thursday). The 2030 bonds are already eligible for early conversion by the bond holders.
Next phase will be to keep an eye on the pricing. IV is lower at the moment so I’m not expecting a premium as high as they got on the last $3B, more likely it falls in the 35-45% range.
I’m guessing this is the first of 3-4 convertible offerings we will see this quarter. Lot’s of activity left.
|
||||||||||||||||||||||||
WordPress’d from my personal iPhone, 650-283-8008, number that Steve Jobs texted me on
https://www.YouTube.com/watch?v=ejeIz4EhoJ0
Duck9 is a credit score prep program that is like a Kaplan or Princeton Review test preparation service. We don't teach beating the SAT, but we do get you to a higher credit FICO score using secret methods that have gotten us on TV, Congress and newspaper articles. Say hi or check out some of our free resources before you pay for a thing. You can also text the CEO:
