Published Thu, May 1, 2025 · 01:45 PM
[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
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