Snap's Stock Drops 3.7% After $650 Million Convertible Debt Offering

Dow Jones05-08

Shares of Snap Inc. (SNAP) sank 3.68% in premarket trading, after the parent of the video-messaging app Snapchat announced a private offering of $650 million of convertible debt.

The offering comes after the stock had rocketed 50.4% since the company reported fiscal second-quarter results after the April 25 close.

The notes, due 2030, will be convertible to cash or shares of Snap common stock. The interest rate and conversion rate of the debt have not yet been determined. The company said it plans to use the proceeds from the offering to buy back some outstanding convertible notes, due 2025 and 2026, and for general corporate purposes.

The stock, which closed Tuesday at a four-month high, has soared 103.6% over the past 12 months, while the S&P 500 has gained 25.4%.

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