Snap shares plunge sharply.
Snapchat announced its intention to issue $700 million
in bonds due in 2033 to finance general corporate and refinance existing debt.
This announcement led to an immediate 2.5% decline in Snap shares.
The company expects that the bond offering will lead to an increase in trading activity in its Class A common stock.
It is worth noting that the bonds will only be offered to buyers qualified
institutional and non-US persons residing outside the US.
