Twitter Inc. sold $1 billion of notes in the U.S junk-bond market Wednesday in part to help finance a share buyback, helping to revive the new-issue landscape that had been frozen for almost two weeks.
JPMorgan Chase & Co. led the sale of the unsecured debt, which is due in 2030. The bonds priced with a 5% yield, according to a person with knowledge of the matter, after earlier pricing discussions in the range of 5%. In addition to share repurchases, proceeds will be used for general corporate purposes, which could also include capital expenditures, investments and working capital, Twitter said in a statement.
The San Francisco-based company made its high-yield debut in 2019, raising $700 million after receiving more than $6 billion in orders. The deal was sold at a yield of just 3.875% — one of the lowest ever seen in the junk market — and is currently trading at about 4.2%, according to Trace data.