Reported about 15 hours ago
Snap Inc. announced plans to issue $700 million in junk bonds to buy back its convertible debt, with the proceeds designated for repurchasing notes maturing between 2023 and 2028. The offering, which is expected to yield in the low-7% range, comes as Snap’s stock trades significantly below its conversion price. This will be Snap's first direct bond issuance amid a surge of similar offerings in a competitive market, where it faces pressure from larger rivals and regulatory challenges.
Source: YAHOO