Snap: early redemption of convertible bonds

(CercleFinance.com) - Snap announced on Monday its intention to redeem more than $434 million worth of convertible bonds, a move designed to reassure the market less than a week after a freshly-received earnings release.


The bonds include $97.8 million worth of securities with a yield of 0.25% due 2025 and $336.4 million worth of securities with a yield of 0.75% due 2026, the owner of messaging app Snapchat said in a financial notice.

The announcement comes after the Santa Monica-based company's share price collapsed by 35% on the New York Stock Exchange on Wednesday, in the wake of results and outlook that were deemed disappointing.

Its debt currently stands at more than $5.5 billion.

Its shares rebounded by more than 7% on Wall Street on Friday.

Copyright (c) 2024 CercleFinance.com. All rights reserved.