$500,000,000 of this will be used to redeem the 6.125% convert that matures in 2028. These converts have the highest annual interest expense at $30.6M. If they can get below a 2.5% rate on this new offering it opens up a lot of room for more converts in the future.

Oh, and they'll have another $200M for Bitcoin lol.

Very prudent move by Saylor and co.