Snap issues $1.5B 0.125% convertible notes due 2028 and enters capped calls

Snap Inc

Issued $1.3B in 0.125% convertible senior notes due 2028; underwriters exercised $200M option for total $1.5B.
Notes convertible at 17.7494 shares per $1,000 principal (initially $56.34/share); conversion conditions include 130% stock price threshold.
Entered capped call transactions to reduce dilution; cap price $93.90 per share (150% above Feb 8 close of $37.56).
Snap may redeem notes on/after March 5, 2025 if stock price exceeds 130% of conversion price for 20 of 30 trading days.
Holders can require repurchase at 100% principal plus interest upon a fundamental change.

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