Summary by Moomoo AI
On May 8, 2024, Snap Inc. entered into a purchase agreement with Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and BofA Securities, Inc., as representatives of several purchasers, for the sale of $650 million in 0.50% Convertible Senior Notes due 2030. An option for an additional $100 million in notes was fully exercised the following day. The notes, unsecured and unsubordinated, will pay semi-annual interest and mature on May 1, 2030, unless earlier repurchased, redeemed, or converted. Snap Inc. may redeem the notes starting May 5, 2027, under certain conditions. The indenture includes customary terms, covenants, and events of default. The notes are convertible into cash, shares of Snap Inc.'s Class A common stock, or a combination thereof, at Snap Inc.'s election, under specific conditions...Show More