Should Investors Fret Over Square's $1 Billion Debt Offering? [The Motley Fool]
Block, Inc. Class A, (SQ)
Last block, inc. class a, earnings: 2/26 04:05 pm
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Source: The Motley Fool
Should Investors Fret Over Square's $1 Billion Debt Offering? The fintech company takes on more debt and slashes its earnings guidance. Square 's ( NYSE:SQ ) stock recently dipped after the online payments company announced an offering of $1 billion in 0.125% convertible senior notes due in 2025. The notes will be sold in a private placement to qualified institutional buyers, and initial buyers will gain a 30-day option to purchase an additional $150 million in notes to cover over-allotments. The notes can be converted to cash, to shares of Square's Class A common stock, or a combination of both. After deducting the initial purchasers' discount and estimated offering expenses, Square expects to generate $984.9 million in net proceeds (or $1.13 billion if the over-allotment is fully exercised) from the sale. It plans to spend $49.7 million of the proceeds on transaction costs, and the rest for "general corporate purposes." It isn't surprising to see Square take on more debt since it's
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SQ
Earnings
- 11/7/24 - Beat
SQ
Sec Filings
- 11/13/24 - Form 4
- 11/13/24 - Form 4
- 11/12/24 - Form 144
- SQ's page on the SEC website