Alwaleed-backed Twitter says it plans to raise $1.3bn

Social media giant announces plan to issue convertible senior notes, its first debt offering since market debut
Alwaleed-backed Twitter says it plans to raise $1.3bn
By Staff writer
Fri 12 Sep 2014 10:25 AM

Twitter Inc, which is backed by Saudi billionaire Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, has said it plans to raise $1.3 billion by issuing convertible senior notes, its first debt offering since its market debut in November.

The company plans two offerings worth 650 million each in convertible senior notes due to mature in 2019 and 2021, the microblogging website said in a filing.

Twitter will also grant initial purchasers an option to buy up to $100 million in each of the offerings.

The San Francisco-based company said it would use part of the net proceeds for general corporate purposes.

Earlier this week, it was reported that Prince Alwaleed met with Twitter founder Jack Dorsey to discuss developments in the social media platform.

During the meeting, Dorsey and Alwaleed discussed the latest "technical, financial and organisational developments in Twitter", a statement said.

The statement added that the prince's interest in US social media platform Twitter is now worth about $1.2 billion from an initial investment of $300 million.

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