(Bloomberg) — Strategy plans to sell $500 million of dollar-denominated perpetual preferred stock.
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The enterprise software company, formerly known as MicroStrategy, intends to use proceeds for general corporate purposes, including the acquisition of Bitcoin and for working capital.
It aims to price the offering later this week after a roadshow consisting of small one-on-one meetings Tuesday and Wednesday. The deal will carry a fixed dividend rate of 10% per annum.
Morgan Stanley, Barclays Plc, Citigroup Inc., and Moelis & Co. are acting as bookrunners for the offering. It will not be rated.
This issuance follows Strategy’s recent purchase of $10.7 million worth of Bitcoin. It plans to issue up to $21 billion of preferred stock to acquire more of the cryptocurrency.
Issuer Profile
Debt distribution: MSTR US Equity DDIS
Capital structure: MSTR US Equity CAST
Related securities: MSTR US Equity RELS
Ratings history: MSTR US Equity CRPR
This story was produced with the assistance of Bloomberg Automation
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