Block, Inc. Announces Upsize and Pricing of $2.0 Billion Offering of Senior Notes
May 06 2024 - 7:46PM
Business Wire
Block, Inc. (“Block”) (NYSE: SQ) today announced the pricing of
$2.0 billion principal amount of its 6.50% senior notes due 2032
(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 aggregate principal amount of the offering was
increased from the previously announced offering size of $1.5
billion. The sale of the Notes is expected to settle on May 9,
2024, subject to customary closing conditions. Interest on the
Notes will be payable in cash semi-annually in arrears, beginning
on November 15, 2024.
The Notes will mature on May 15, 2032 unless earlier repurchased
or redeemed. Holders of the Notes may require Block to repurchase
the Notes upon the occurrence of certain change of control events
at a purchase price equal to 101% of the principal amount thereof
plus accrued and unpaid interest, if any.
At any time prior to May 15, 2027, Block may redeem any or all
of the Notes at a price equal to 100% of the principal amount
thereof plus a “make-whole” premium and accrued and unpaid
interest, if any, to, but excluding, the redemption date. On or
after May 15, 2027, Block may redeem any or all of the Notes at
specified prices plus accrued and unpaid interest, if any, to, but
excluding, the redemption date.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240506683967/en/
Media Contact press@block.xyz
Investor Relations Contact ir@block.xyz
Block (NYSE:SQ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Block (NYSE:SQ)
Historical Stock Chart
From Jul 2023 to Jul 2024