Snap $200 million greenshoe exercised in full on 0.125% convertibles

Chicago, Feb. 15 – Snap Inc. said that the initial purchasers of its 0.125% six-year convertible notes exercised their over-allotment option in full and purchased another $200 million of the notes on Feb. 9, according to an 8-K filed with the Securities and Exchange Commission.

The company initially sold $1.3 billion of the notes, with a modest upsize from $1.25 billion.

With the non-upsized greenshoe, $1.5 billion of the notes were issued.

The notes priced with a 50% initial conversion premium.

Price talk had been for a coupon of 0.125% to 0.625% and an initial conversion premium of 45% to 50%, according to a market source.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC were bookrunners for the Rule 144A offering.

Snap is a Santa Monica, Calif.-based camera and social media company.

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