Block, Inc. Announces $1.5 Billion Offering of Senior Notes
May 06 2024 - 6:55AM
Business Wire
Block, Inc. (“Block”) (NYSE: SQ) today announced its intention
to offer, subject to market conditions and other factors,
approximately $1.5 billion aggregate principal amount of senior
notes (the “Notes”) in a private placement to persons reasonably
believed to be qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933, as amended (the “Act”) and
outside the United States to non-U.S. persons pursuant to
Regulation S under the Act.
The interest rate, redemption provisions, maturity date and
other terms of the Notes will be determined by negotiations between
Block and the initial purchasers.
Block intends to use the net proceeds from this offering for
general corporate purposes, which may include the repayment of debt
under its existing notes, potential acquisitions and strategic
transactions, capital expenditures, investments and working
capital.
This announcement is neither an offer to sell nor a solicitation
of an offer to buy the Notes, and shall not constitute an offer,
solicitation, or sale in any jurisdiction in which such offer,
solicitation, or sale is unlawful. The Notes have not been, and
will not be, registered under the Act or the securities laws of any
other jurisdiction, and unless so registered, may not be offered or
sold in the United States except pursuant to an applicable
exemption from the registration requirements of the Act and
applicable state laws.
About Block, Inc.
Block, Inc. (NYSE: SQ) (formerly, Square, Inc.) is a global
technology company with a focus on financial services. Made up of
Square, Cash App, TIDAL, and TBD, we build tools to help more
people access the economy. Square makes commerce and financial
services easy and accessible for sellers with its integrated
ecosystem of technology solutions. With Cash App, anyone can easily
send, spend, or invest their money in stocks or bitcoin. Afterpay
brings Square and Cash App together, connecting consumers and
businesses. Artists use TIDAL to help them succeed as entrepreneurs
and connect more deeply with fans. TBD is building an open source
platform and developer infrastructure that enables everyone to
access and participate in the global economy.
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