10:10 AM EDT, 05/08/2024 (MT Newswires) -- Snap (SNAP) said Wednesday it intends to offer $650 million of convertible senior notes due 2030 in a private placement.

The company said it will grant the initial purchasers an option to buy up to an additional $100 million of notes.

Snap said it will use the net proceeds of the offering to repurchase some of its existing convertible senior notes, to pay the cost of capped call transactions, and for other general corporate purposes.

Shares of Snap were down 2.4% in recent Wednesday trading.

Price: 16.89, Change: -0.25, Percent Change: -1.49