Metaplanet Plans $340 Million Convertible Bond Sale to Repay Debt

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.

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