share_log

BlackBerry | 8-K: BlackBerry Announces $175 Million Convertible Senior Notes Offering

SEC announcement ·  Jan 25 06:05
Summary by Moomoo AI
On January 24, 2024, BlackBerry Limited announced the pricing of a private offering of $175 million in 3.00% Convertible Senior Notes due in 2029. The offering, initially set at $160 million, was upsized due to demand and is targeted at qualified institutional buyers. The notes, convertible into common shares at a premium of approximately 32.50% over the closing share price on the New York Stock Exchange, will mature on February 15, 2029, with interest payable semiannually. BlackBerry has also granted an option for the purchase of an additional $25 million in notes within a 13-day period. The closing of the offering is expected on January 29, 2024, pending customary conditions and Toronto Stock Exchange approval. The net proceeds, estimated at $169.6 million or $194.0 million if the additional notes are purchased, will be used...Show More
On January 24, 2024, BlackBerry Limited announced the pricing of a private offering of $175 million in 3.00% Convertible Senior Notes due in 2029. The offering, initially set at $160 million, was upsized due to demand and is targeted at qualified institutional buyers. The notes, convertible into common shares at a premium of approximately 32.50% over the closing share price on the New York Stock Exchange, will mature on February 15, 2029, with interest payable semiannually. BlackBerry has also granted an option for the purchase of an additional $25 million in notes within a 13-day period. The closing of the offering is expected on January 29, 2024, pending customary conditions and Toronto Stock Exchange approval. The net proceeds, estimated at $169.6 million or $194.0 million if the additional notes are purchased, will be used to repay or repurchase BlackBerry's existing debentures and for general corporate purposes. The notes will rank senior to BlackBerry's existing obligations under the debentures and may be redeemed by the company starting February 22, 2027, under certain conditions. The offering is not registered under the Securities Act, and the securities may only be sold in transactions exempt from registration requirements.
Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more