Snap issues maiden convertible bond after share rally
Snap, the US technology company behind Snapchat, has issued a $1.1bn convertible bond due in 2026, after the stock began to trade above its IPO price again following a strong set of first half results a fortnight ago
The deal, Snap’s first foray into the equity-linked market, was increased in size by $100m due to the strength of the demand from institutional investors. There is also the option for investors to purchase an additional $165m of bonds.The new senior notes will pay a coupon ...
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org