Telegram weighs US$2 billion bond sale to refinance 2021 debt
[DUBAI/LONDON] Telegram is holding investor meetings about a bond sale worth about US$2 billion as the social media app seeks to refinance its debut debt offering from 2021, according to sources familiar with the situation.
The messaging service's managers are holding discussions on offering the new notes with a number of interested parties, said the sources, who declined to be identified because they are not authorised to speak publicly. The proceeds may be used to refinance a US dollar bond due next March.
With one billion active users, Telegram has drawn the ire of authorities from the European Union to Iran over content shared on its platform and its unresponsiveness to takedown requests.
Billionaire founder Pavel Durov, 40, was charged in August by French authorities, who claim he was complicit in allowing crimes to be committed on the app. He's denied the charges.
Telegram sold its first bond several years after Russian-born Durov relocated to Dubai in the United Arab Emirates, with Abu Dhabi's Mubadala Investment as an investor in the offering. The yield on the US$2.35 billion of notes soared to 17.3 per cent after Durov was briefly detained for questioning but has since dropped to under 8 per cent.
Telegram's total revenue surpassed US$1 billion in 2024, and it had more than US$500 million in cash reserves, not including crypto assets, Durov said in December, highlighting that the company had become profitable.
'What makes the difference is our bondholders: some of the world's most reputable global funds,' he said in March. 'Their continued support helps Telegram stay independent and grow stronger in any economic environment.'
Telegram's press service did not reply to multiple requests for comment. BLOOMBERG
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
Singapore and Indonesia strengthen economic ties amid global uncertainty
Deputy Prime Minister Gan Kim Yong (right) and Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto at the 15th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting. PHOTO: MTI SINGAPORE - Singapore and Indonesia have reaffirmed their commitment to strengthen economic ties at a high-level bilateral meeting held in Singapore on June 15. The 15th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting or 6WG MM was co-chaired by Deputy Prime Minister Gan Kim Yong and Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto. The meeting is a key economic platform between Singapore and Indonesia to advance economic cooperation in six areas. These are namely the Batam, Bintan and Karimun (BBK) region and other special economic zones, investments, manpower, transport, agribusiness and tourism. This latest bilateral meeting comes after the two countries signed three deals on clean energy and sustainable development during a visit by Singapore's Minister-in-charge of Energy and Science and Technology Dr Tan See Leng to Jakarta on June 13. Indonesia President Prabowo Subianto is also set to make his first state visit to Singapore on June 16. These bilateral engagements between Singapore and Indonesia come at a time of uncertainty in global politics. Bilateral trade between Singapore and Indonesia has grown steadily over the last few years, with both countries being among each other's largest trading partners. In 2024, bilateral trade reached US$57.6 billion. Singapore has been Indonesia's top source of foreign direct investments (FDI) every year since 2014, with FDI flow into Indonesia exceeding US$20.1 billion in 2024. On June 15, Mr Gan, who is also Minister for Trade and Industry, and Mr Airlangga also witnessed the signing of two commercial agreements at the 6WGMM. One agreement is an affirmation letter between Singapore's Sembcorp Development and Indonesia's PT Batamraya Sukses Perkasa on their commitment to collaborate on low carbon industrial parks in the BBK region. The two companies are jointly developing the 100ha Tembesi Innovation District, which aims to attract sustainability-focused tenants, and will generate 20,000 jobs when it is fully developed. The other agreement is a memorandum of understanding between the Singapore Semiconductor Industry Association and the Indonesia Chamber of Commerce and Industry. The two associations will join forces to expand market access between semiconductor and electronics companies in Singapore and Indonesia. Singapore's Ministry of Trade and Industry said in a press release that both leaders underscored the importance of improving both country's business and regulatory environment to attract investments, and helping people and businesses collaborate and seize emerging opportunities in both countries. To that end, the leaders welcomed growing investor interest in the BBK region, and recognised the good progress in human capital development. In the agribusiness sector, the ministers discussed initiatives to advance agri-tech collaborations and create new trading opportunities for Indonesian importers and Singaporean exporters, which will benefit both countries' food industries. The leaders also welcomed improvements in air connectivity and reaffirmed the commitment to deepen business connectivity between Singapore and Indonesia,which will boost trade, investments and people to people flows. Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
3 hours ago
- Straits Times
Russian air attack damaged Boeing offices in Ukraine, FT reports
Boeing Co's logo is seen above the front doors of its largest jetliner factory in Everett, Washington, U.S. January 13, 2017. REUTERS/Alwyn Scott A building used by Boeing in Kyiv was badly damaged in a recent large-scale Russian air attack, the Financial Times reported on Sunday, citing six people familiar with the matter and photographs seen by the newspaper. Russia launched air attacks on Kyiv early last week, using 315 drones and seven missiles in strikes that also hit other parts of the country, Ukraine's Air Force said on Tuesday. Boeing's building was among the targets hit on Sunday night, the newspaper reported, citing two Boeing employees, three Ukrainian officials and the head of the American Chamber of Commerce in Ukraine. Despite the damage to its building in Kyiv, there had been "no operational disruption", Andriy Koryagin, deputy general director of Boeing's operation in Ukraine, told the newspaper. Another official Boeing spokesperson declined to comment to the Financial Times on the attack, except to say that the U.S. plane maker prioritises the safety and security of its employees, none of whom were harmed during the bombardment. Boeing employs more than 1,000 people across Ukraine, according to the report. Reuters could not immediately confirm the report. Boeing and the American Chamber of Commerce in Ukraine did not immediately respond to Reuters' requests for comment. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
3 hours ago
- Business Times
Singapore, Indonesia reaffirm economic ties in ministerial meeting; two commercial arrangements inked
[SINGAPORE] Singapore and Indonesia reaffirmed their commitment to strengthen bilateral economic ties at the 15th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting (6WG) on Sunday (Jun 15). Singapore's Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto co-chaired the meeting. The 6WG is an economic platform between Singapore and Indonesia to advance economic cooperation in the Batam, Bintan and Karimun (BBK) region and other special economic zones, investments, manpower, transport, agribusiness and tourism. Bilateral trade between Singapore and Indonesia has grown over the past few years, reaching US$57.6 billion in 2024. Indonesia ranks among Singapore's largest trading partners, and Singapore has been the top source of Indonesia's foreign direct investment since 2014, with more than US$20.1 billion in 2024. The two ministers discussed deepening collaboration between businesses and investment opportunities in both countries including industrial infrastructure, healthcare and the green economy. Growing investor interest in the BBK region was welcomed, along with the progress in human capital development. Initiatives to advance agritech collaborations and new trading opportunities for Indonesia and Singapore businesses were also reviewed. Both ministers reaffirmed the commitment to deepen business connectivity between the two countries. Two commercial arrangements were also inked during the 6WG meeting. The first was between Sembcorp Industries and Batamraya Sukses Perkasa, a subsidiary of property developer Panbil Group. The two companies signed an affirmation letter on their commitment to collaborate on low-carbon industrial parks in the BBK region. Sembcorp and Panbil are jointly developing the 100 hectare Tembesi Innovation District, which aims to attract sustainability-focused and high-value tenants, and will generate 20,000 jobs when it is fully developed. A memorandum of understanding was inked between the Singapore Semiconductor Industry Association and the Indonesia Chamber of Commerce and Industry. The two associations will partner to expand market access via enhanced collaboration between semiconductor and electronics companies in Singapore and Indonesia. Business facilitation, information exchange, joint events and industry round tables will be conducted to drive collaboration between companies in both countries.
