Snap Announces Pricing of $650 Million Convertible Senior Notes Offering Due 2030
Snap also granted the initial purchasers of the notes an option to purchase up to an additional $100 million aggregate principal amount of notes.
- Snap also granted the initial purchasers of the notes an option to purchase up to an additional $100 million aggregate principal amount of notes.
- On conversion, Snap will elect to settle the notes in cash, shares of Snap Class A common stock, or a combination of cash and shares of Snap Class A common stock.
- In addition, Snap expects that some or all of the holders of its convertible senior notes due 2025 and/or convertible senior notes due 2026 that it repurchases may purchase shares of Snap Class A common stock in open market transactions or enter into or unwind various derivatives with respect to Snap Class A common stock to unwind hedge positions that they have with respect to their investment in its convertible senior notes due 2025 and/or convertible senior notes due 2026.
- In connection with the issuance of Snap’s outstanding convertible senior notes due 2025, Snap entered into capped call transactions with certain financial institutions.