Financing ·
Completes $3.75B offering of 0% convertible notes due 2029 and 2031, repurchases $261.8M of 2027 notes
SNOWSnowflake Inc.
Snowflake completed a private placement of $2.0 billion in 0.00% Convertible Senior Notes due 2029 and $1.75 billion in 0.00% Convertible Senior Notes due 2031, upsizing from the previously announced $3.5 billion target. The company granted initial purchasers options to buy up to an additional $550 million in notes. Net proceeds are estimated at approximately $3.70 billion, or $4.24 billion if options are fully exercised. Snowflake used approximately $548.3 million of the proceeds to repurchase $261.8 million aggregate principal amount of its existing 0.00% convertible senior notes due 2027 and paid approximately $383.5 million for capped call transactions to offset potential dilution. The company operates in the AI data cloud industry, providing a platform for enterprises to build, use, and share data and applications.