WSJ: Telegram to raise $1.50 billion through bond deal

Telegram plans to issue at least $1.50 billion in five-year bonds with an annual interest rate of 9% to buy back debt issued in 2021 and due next year. Investors include existing backer BlackRock Group, Abu Dhabi sovereign fund Mubadala, and newly joined hedge fund Citadel. Bondholders can convert into shares at a discount when Telegram goes public in the future. Despite CEO Pavel Durov being restricted from leaving the country for allegedly failing to cooperate with French police investigations, Telegram achieved a profit of $540 million in 2024, with monthly active users exceeding 1 billion and paying users exceeding 15 million.