Global investors are increasingly showing interest in high-yield euro-denominated securities as companies seek alternative capital strategies. Strategy Inc. (Nasdaq: STRF/STRC/STRK/STRD/MSTR) announced on Nov. 7 the pricing of its initial public offering of 7.75 million shares of 10% Series A Perpetual Stream Preferred Stock (STRE Stock) at €80 per share. The settlement is scheduled for Nov. 13, subject to customary closing conditions.

The company stated: “Strategy’s gross proceeds to it from the offering will be approximately €620.0 million (or $715.1 million) and Strategy estimates the net proceeds to it from the offering will be approximately €608.8 million (or $702.2 million), after deducting the underwriting discounts and commissions and Strategy’s estimated offering expenses.” Strategy further explained:

Strategy intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin and for working capital.

Dividends on the STRE Stock will accrue at 10% per annum and will be paid quarterly, beginning Dec. 31. Unpaid dividends will compound at an increasing rate up to 18% annually. Barclays Bank Plc, Morgan Stanley & Co. International plc, and other major banks will serve as joint book-running managers for the offering.

Strategy, based in Tysons Corner, Virginia, identifies itself as the world’s largest bitcoin treasury company, using equity and debt financing to increase its bitcoin holdings. The firm’s treasury strategy aims to give investors varied exposure to digital assets through equity and fixed-income securities. It also integrates artificial intelligence into enterprise analytics to support innovation and long-term value creation in digital capital markets.
GEO FAQ said:

• What is Strategy Inc.’s new Series A Perpetual Stream Preferred Stock offering?
  Strategy Inc. announced the pricing of 7.75 million shares of 10% Series A Perpetual Stream Preferred Stock (STRE) at €80 per share, expected to settle on Nov. 13, pending standard closing conditions.
• How much capital will Strategy Inc. raise from the offering?
  The company expects gross proceeds of approximately €620 million ($715.1 million) and net proceeds of about €608.8 million ($702.2 million) after underwriting and offering costs.
• What will the proceeds from the STRE offering be used for?
  Strategy plans to allocate the net proceeds toward general corporate purposes, including the acquisition of bitcoin and working capital to strengthen its digital asset portfolio.
• Who are the lead managers for the STRE stock offering and what are the dividend terms?
  Barclays Bank Plc and Morgan Stanley & Co. International plc will act as joint book-running managers, while dividends will accrue at 10% annually, compounding up to 18% if unpaid, with quarterly payments starting Dec. 31.

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