Snap Inc (SNAP): debt financing — Snap issues $750M 0.50% convertible notes due 2030, repurchases $385M of existing notes

Snap Inc

Issued $650M in 0.50% Convertible Senior Notes due 2030; initial purchasers exercised $100M option for total $750M.
Notes maturing May 1, 2030, convertible at initial rate of 45.0846 shares/$1K principal (~$22.18/share).
Entered capped call transactions to reduce dilution, cap price $33.48/share (100% premium over $16.74 close).
Repurchased $147.9M of 0.25% 2025 notes and $237.5M of 0.75% 2026 notes for ~$418.9M cash.
Notes sold in private placement under Rule 144A; no registration under Securities Act.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Snap Inc incurred convertible notes of $650.0 million with Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and BofA Securities, Inc., as representatives of the several purchasers at 0.50% per year maturing May 1, 2030.

Instrument: convertible notes
Principal: $650.0 million
Counterparty: Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and BofA Securities, Inc., as representatives of the several purchasers
Rate: 0.50% per year
Maturity: May 1, 2030
Event: incurrence

Exact text from the filing

On May 8, 2024, we entered into a purchase agreement (the “Purchase Agreement”) with Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and BofA Securities, Inc., as representatives of the several purchasers named therein (collectively, the “Initial Purchasers”), relating to the sale by us of an aggregate of $650.0 million principal amount of our 0.50% Convertible Senior Notes due 2030

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Snap Inc entered into Indenture with U.S. Bank Trust Company, National Association (effective 2024-05-13).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Effective: 2024-05-13

Exact text from the filing

The Notes were issued pursuant to an Indenture, dated May 13, 2024 (the "Indenture"), between us and U.S. Bank Trust Company, National Association, as trustee ("Trustee").

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310 debt financings filed in the last 30 days. Browse all debt financings →

Snap Inc filing history →

Source: SEC EDGAR

accession 0001193125-24-137315

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