Block, Inc. Announces $1.5 Billion Offering of Senior Notes
In a significant move aimed at bolstering its financial strategy, Block, Inc. (NYSE: SQ), a leading global technology company formerly known as Square, Inc., today disclosed its plan to conduct a private offering. The company is looking to raise approximately $1.5 billion through the sale of senior notes. This private placement is targeted at qualified institutional buyers in compliance with Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons in accordance with Regulation S under the same act.
The offering’s specifics, including the interest rate, redemption provisions, maturity date, and other pivotal terms, are set to be finalized through discussions between Block and the initial purchasers.
Block has outlined its intent to allocate the net proceeds from this offering towards various general corporate needs. This may encompass debt repayment, particularly of its existing notes, alongside exploring potential acquisitions and strategic transactions. Additionally, funds may be directed towards capital expenditures, various investments, and bolstering the company’s working capital, highlighting Block’s commitment to growth and innovation across its diverse portfolio.
It’s important to note that this announcement does not constitute an offer to sell or a solicitation of an offer to buy the Notes. Such actions will not be undertaken in jurisdictions where they would be considered unlawful. The Notes, which are the subject of this offering, have not been registered under the Securities Act of 1933 or the securities laws of any other jurisdiction. They will be offered and sold only in accordance with exemptions from the registration requirements set forth in the Act and applicable state laws.
About Block, Inc.
Block, Inc., which trades under the New York Stock Exchange symbol NYSE: SQ, is recognized worldwide as a major player in the technology sector, focusing primarily on financial services. Comprising influential brands such as Square, Cash App, TIDAL, and TBD, Block is dedicated to creating and delivering comprehensive tools that open up the economy to more individuals and businesses. Square’s integrated ecosystem simplifies commerce and financial services for sellers, while Cash App offers an accessible platform for users to send money, spend freely, or invest in stocks and bitcoin. The inclusion of Afterpay into Block’s portfolio bridges the gap between consumers and businesses, facilitating a seamless connection. Furthermore, TIDAL empowers artists to thrive as entrepreneurs and forge deeper connections with their audience. Lastly, TBD is at the forefront of developing an open-source platform and infrastructure aimed at democratizing access to and participation in the global economy, underscoring Block’s vision of inclusive financial and commercial empowerment.
