(Bloomberg) -- BlackBerry Ltd. shares hit its lowest point in about 20 years this week after the software company offered convertible senior notes in a push to cut down on its debt.

Once a Canadian tech darling, the company’s Toronto-listed shares fell as much as 20% on Wednesday to C$3.94, closing the session at its lowest point since May 2003. In the late 2000s, BlackBerry was one the biggest players in the global smartphone market with a peak market value of over C$80 billion. Now it’s worth about C$2.3 billion. 

BlackBerry upsized the convertible note offering to $175 million from $160 million on Thursday, and priced its 5-year convertible notes at a 3% coupon and $3.88 conversion price. The company said in a press release that it plans to use net proceeds from the offering to fund repayment or repurchase of its outstanding $150 million existing debentures due Feb. 15 and the remainder for general corporate purposes.

“The pricing appears better than feared,” RBC Dominion Securities analyst Paul Treiber wrote in a note. 

The offering comes a month after the company’s newly minted CEO John Giamatteo backed away from plans to spin off its internet of things business, reversing plans made by John Chen, who held the chief executive helm for nearly a decade.   

Read more: BlackBerry Cancels Spinoff of IoT Unit, Names New CEO

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