Snowflake completes $3.75B convertible note offering; repurchases $548.3M of 2027 notes

Snowflake Inc.

$2.0B of 0.00% convertible senior notes due 2029 and $1.75B due 2031 issued; notes bear no regular interest and principal does not accrete.
Net proceeds ~$3.70B; used $383.5M for capped call transactions and $548.3M to repurchase 2027 notes, remainder for general corporate purposes, buybacks or acquisitions.
Initial conversion prices: ~$500.38/share for the 2029 notes and ~$483.98/share for the 2031 notes; capped call cap price $820.30, a 150% premium to the Sept. 28 close.
Maturities Oct. 15, 2029 and Oct. 15, 2031; purchasers hold 13-day options for up to $300M more 2029 notes and $250M more 2031 notes.
Up to 7,009,480 shares issuable upon conversion of the 2029 notes and 6,095,200 shares upon conversion of the 2031 notes.

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