BUZZ-Snap dips on convertible debt deal plans

Reuters05-09

** Snap Inc's shares close down 2.3% at $16.74 on Weds as social media firm plans capital raise to repay some debt

** Before market open, Snapchat parent said offering privately $650 mln convertible bonds (CBs) due 2030

** Co to use net proceeds to repurchase portion of its outstanding CBs due 2025 and/or CBs due 2026, and for general corp purposes

** With ~1.64 bln shares outstanding, co has ~$27.5 bln market cap, per LSEG data

** SNAP's shares have surged 47% since co on Apr 25 posted Q1 beat, driven by improved advertising system

** Shares closed at $8.42 a year ago

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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