Slaughter and May advised Telegram Group Inc. on its maiden private placement of over USD 1,000,000,000 of pre-IPO convertible bonds

Slaughter and May advised Telegram Group Inc. (Telegram), a growing technology company providing a social media and messaging platform through its iOS, Android, macOS, Windows and Linux applications, on its maiden private placement of over USD 1,000,000,000 of senior unsecured pre-IPO convertible bonds (the Bonds). The Bonds include a mechanism providing bondholders, in the event of a Telegram IPO, with an option to redeem their bonds for Telegram shares at a discount to the IPO issue price.

The proceeds of the Bonds will be used, in part, to allow Telegram to continue its global user growth and fund Telegram’s monetization efforts whilst allowing it to remain independent.

The private placement was arranged by Telegram and the Bonds were issued under Regulation S.

Financing
Matthew Tobin Partner
Claire Cooke Partner
Saffiya Haddad Associate
Christopher McCabe Associate