Add as a preferred source on GoogleMetaplanet Plans $340 Million Convertible Bond Sale to Repay Debt
The zero-coupon bonds will mature in 2031, with remaining proceeds earmarked for share buybacks through December.
Metaplanet plans to issue about $340 million in zero-coupon, unsecured convertible bonds to repay part of its Bitcoin-backed borrowing and fund share buybacks.
The Japanese Bitcoin treasury company plans to issue the bonds Oct. 29, with maturity set for Oct. 29, 2031. Net proceeds are expected to be about $340 million.
Metaplanet plans to use part of the proceeds in November to repay a portion of its Bitcoin-backed credit facility. The facility has a maximum size of $800 million, and about $650 million had been drawn as of Sept. 30.
The remaining proceeds are designated for share repurchases between October and December. The company also plans an off-market repurchase of up to 25.3 billion yen through ToSTNeT-3 on Oct. 14.
The initial conversion price for the bonds has not been determined. The planned financing would extend Metaplanet’s capital-raising activity while directing new funds toward debt reduction and shareholder returns.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.