Snowflake closes $2.3B convertible note offering; uses $400M for stock buyback

Snowflake Inc.

Issued $1.15B of 0% notes due 2027 and $1.15B due 2029, including full greenshoe.
Net proceeds of ~$2.27B after discounts and expenses.
Used $195.5M for capped call transactions to reduce dilution upon conversion.
Repurchased ~$400M of stock from note purchasers at $112.50 per share.
Initial conversion price ~$157.50/share; cap on capped calls at $225/share.

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