Davis Polk advised the initial purchaser in connection with a Rule 144A offering by MicroStrategy Incorporated of $650 million aggregate principal amount of its 0.750% convertible senior notes due 2025. The transaction included the full exercise of the initial purchaser’s option to purchase additional notes of $100 million. MicroStrategy intends to invest the net proceeds from the offering in bitcoin in accordance with its Treasury Reserve Policy pending the identification of working capital needs and other general corporate purposes.

MicroStrategy is a global leader in enterprise analytics software and services. The MicroStrategy platform brings together data from its customers’ enterprise applications, such as their financial systems, human resources systems and supply chain and customer relationship management tools, to provide analytics for actionable insights. The company also offers its customers consulting and educational services to harness MicroStrategy’s innovative technology and empower their workforces to make better decisions.

The Davis Polk corporate team included partner Joseph A. Hall and associates Hillary A. Coleman and Brooke Zheng. The equity derivatives team included partner Ray Ibrahim and associate Annie Li. The tax team included partner Lucy W. Farr and associate Liang Zhang. The intellectual property and technology transactions team included partner Frank J. Azzopardi and associate S. Dream Montgomery. Partner Zachary J. Zweihorn provided digital asset advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

 

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