Snap Announces Proposed Private Offering Of $700 Mln Of Senior Notes

(RTTNews) - Snap Inc. (SNAP), a technology company, announced on Monday that it intends to offer $700 million aggregate principal amount of senior notes due 2033 in a private offering.

The company plans to use the net proceeds from this offering, along with existing cash reserves, to buy back some or all of its outstanding convertible senior notes that are due in 2025, 2026, 2027, and 2028.

Any remaining net proceeds from the offering are expected to be used for general corporate purposes, including working capital, operating expenses, capital expenditures, and others.