Snap Loses 5%; Offers $1.25 Bln Of Convertible Notes

Shares of Snap Inc. (SNAP), the parent company of Snapchat, are down more than 5% Tuesday morning after the company announced its intention to offer $1.25 billion aggregate principal amount of convertible senior notes due 2028.

Snap plans to use the net proceeds from the offering for general corporate purposes.

Additionally, digital advertising firm , Aleph Group today said, Snap has made a minority investment in Aleph, which was closed in December last year.

Aleph is an exclusive advertising partner to Snap in 39 markets across Europe, Africa and Latin America in addition to India, where Aleph and Snap recently announced a sales partnership.

SNAP is at $35.72 currently. It has traded in the range of $24.32-$83.34 in the past 52 weeks.

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