Market Chatter: Reddit Shareholder Seeking to Use $1.2 Billion Stake for Credit Facility

MT Newswires Live11-22 23:23

Reddit (RDDT) shareholder Advance Magazine Publishers is looking to establish a credit facility using its Reddit stake, offering 7.8 million Reddit shares for $145.38 to $148.54 apiece or up to $1.2 billion, Bloomberg News reported Friday, citing unnamed sources familiar with the matter.

Bloomberg said the price range represents a discount of up to 8% to Reddit stock's Thursday close.

One of the sources told Bloomberg that the shareholder is also purchasing derivatives on the Reddit shares to maintain its stake while establishing the credit facility. According to the report, sources also said no final decisions have been made and details remain subject to change.

Reddit and Advance Magazine Publishers did not immediately respond to MT Newswires' requests for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 146.35, Change: -11.67, Percent Change: -7.39

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