Snap, Inc. (NYSE:SNAP) shares are trading lower Thursday after the company announced the pricing of a private offering of $650 million of convertible senior notes due 2030.
The Details:
Snap announced that it intends to offer a $650 million aggregate principal amount of convertible senior notes due 2030 in a private placement to qualified institutional buyers. Snap also intends to grant the initial purchasers of the notes an option to purchase up to an additional $100 million aggregate principal amount of notes.
The notes will have an initial conversion rate of 45.0846 shares of Snap Class A common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $22.18 per share. The initial conversion price represents a ...
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