Snap Inc. (NYSE: SNAP) announced the pricing of US$650 million aggregate principal amount of 0.50% convertible senior notes due 2030 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, or the Securities Act. Snap also granted the initial purchasers of the notes an option to purchase up to an additional US$100 million aggregate principal amount of notes. The sale of the notes is expected to close on May 13, 2024, subject to customary closing conditions.

Latham & Watkins LLP represented the initial purchasers in the offering with a capital markets team led by Bay Area partner Rick Kline and New York/Los Angeles partner Greg Rodgers, with associates Ryan Gold, Sandy Kugbei, Zuzanna Gruca, Andrew Bentz, and Cameron Koob. Advice was also provided on derivatives matters by New York partner Reza Mojtabaee-Zamani, with associates Jack Neff and Henry Lin; and on tax matters by New York partner Elena Romanova, with associates Ted Gkoo and Angelina Richards.