WATERLOO, ON - BlackBerry (NYSE:BB) Limited (NYSE: BB; TSX: BB) announced its plan to offer $160 million in Convertible Senior Notes due 2029 in a private offering, targeting qualified institutional buyers. The transaction, subject to market conditions and other factors, also includes an option for initial purchasers to buy an additional $25 million of the notes within a 13-day period starting from the issuance date.
The company aims to use the proceeds to repay or repurchase its $150 million of outstanding 1.75% extendible convertible unsecured debentures due on February 15, 2024. Any remaining funds will be allocated for general corporate purposes. These notes will rank senior to the existing debentures and will mature on February 15, 2029, unless they are converted, redeemed, or repurchased prior to this date. The specific terms, including the interest rate and initial conversion rate, will be determined at the time of the offering's pricing.
The offer's closure is contingent on standard conditions and requires approval from the Toronto Stock Exchange. The notes, as well as the common shares potentially issued upon their conversion, have not been registered under the Securities Act or any state securities laws. As such, they may only be sold in compliance with exemption requirements or where registration is not mandatory.
BlackBerry, a global provider of intelligent security software and services, emphasizes this offering is not open to the public and is not a solicitation for sale in any jurisdiction where it would be unlawful without appropriate registration or exemptions.
This news is based on a press release statement from BlackBerry Limited.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.