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Metaplanet to issue $329M convertible bonds for debt and buybacks

The company plans to use $149.0 million of net proceeds to repay Bitcoin-collateralized loans and $179.0 million for share repurchases under a program targeting up to $380 million.

Reported · Written up by our desk · Market Structure

Metaplanet plans to issue 52 billion yen, or about $329 million, in zero-coupon euro-yen convertible bonds due in 2031, according to a Tuesday announcement carried by Cointelegraph.

The firm said the bonds are intended to improve its debt structure and reduce its reliance on Bitcoin-collateralized loans without selling holdings.

Metaplanet expects to allocate about 23.6 billion yen, or about $149 million, of net proceeds to repay those loans, and about 28.3 billion yen, or about $179 million, to fund share buybacks.

The buybacks are part of a new repurchasing program targeting up to 60 billion yen, or about $380 million, in total buybacks.

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