Latham & Watkins Advises on Snap’s Upsized US$1.3 Billion Convertible Senior Notes Offering

Snap Inc. has announced the pricing of US$1.3 billion aggregate principal amount of 0.125% convertible senior notes due 2028 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The aggregate principal amount of the offering was increased from the previously announced offering size of US$1.25 billion. Snap also granted the initial purchasers of the notes an option to purchase up to an additional US$200 million aggregate principal amount of notes. The sale of the notes is expected to close on February 11, 2022, subject to customary closing conditions. 

Latham & Watkins LLP represents the initial purchasers in the offering with a capital markets deal team led by Bay Area partner Rick Kline and New York/Los Angeles partner Greg Rodgers, with New York associates Andrew Blumenthal, Ryan Gold, and James Dorian, and Bay Area associate Zuzanna Gruca. Advice was also provided on tax matters by New York partners Elena Romanova and Bora Bozkurt, with London associate Ted Gkoo; and on equity derivatives matters by New York partner Reza Mojtabaee-Zamani, with New York associates Chris Yu and Ariel Robbins-Rothman.