Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     

META PLATFORMS, INC.

(META)
  Report
Delayed Nasdaq  -  04:00 2022-09-27 pm EDT
134.40 USD   -1.44%
01:20pMeta Platforms Shuts Down Two Networks in China, Russia
MT
01:02pWall St deep in bear market as S&P 500 hits new two-year low
RE
09:40aMeta Shuts Down Influence Operations Started in China, Russia
DJ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Facebook parent Meta set to raise $10 bln in bond debut -sources

08/04/2022 | 11:45am EDT

Aug 4 (Reuters) - Facebook-parent Meta Platforms Inc is set to raise $10 billion in its first-ever bond offering on Thursday, as it looks to fund share buybacks and investments to revamp its business, according to two sources close to the deal.

The offering, which included bonds with maturities ranging from five years to 40 years, received over $30 billion of orders from investors, the sources said. They added the demand was skewed towards the longer-dated bonds.

Meta did not respond to a request for comment.

Among big technology companies, Meta had been the only one that did not have debt on its books. Tapping the market now would help it build a more traditional balance sheet. That could give it more financial room as it tries to fund some expensive initiatives, such as its metaverse virtual reality and Reels short video product, at a time its cash pile is depleting, the sources said.

The sources, who declined to be named as they were not authorized to speak publicly, said Meta started working in earnest on the offering over the last couple of months.

It decided to launch the offering after releasing earnings late July, they said. The varying maturities of its offering would give it more funding options in the future, they added.

A recent resurgence in corporate bond markets over the past month after a rout earlier this year amid uncertainty about interest rates gave Meta a window to tap the market now, the sources said.

Hoping the U.S. Federal Reserve's fight against inflation through aggressive rate increases was starting to have some impact, investors have rushed back into the bond market.

This week has been one of the busiest of the year, with U.S. investment grade companies raising nearly $60 billion in primary bond markets, according to Informa Global Markets data.

Other tech giants such as Apple Inc and Intel Corp also issued bonds earlier this week, raising $5.5 billion and $6 billion, respectively.

Bankers and investors said such issuance windows may be fleeting and rare in the coming months. Credit spreads could widen later this year, increasing funding costs.

In late July, Meta posted a gloomy forecast and recorded its first-ever quarterly drop in revenue, with recession fears and competitive pressures weighing on its digital ads sales.

Its free-cash flow has been depleting as it charges ahead with its plans for the metaverse - a transformational bet that led the company to change its name to Meta last year.

In the second quarter ended June 30, Meta had $4.45 billion in free cash flow, compared with $8.51 billion a year ago.

The company received an 'A1' rating from Moody's and an 'AA- rating' and a 'stable' outlook from S&P.

Bank of America Merrill Lynch, Barclays, JPMorgan Chase and Morgan Stanley were the joint bookrunners on the Meta bond offering.

(Reporting by Nivedita Balu in Bengaluru and Shankar Ramakrishnan; Editing by Saumyadeb Chakrabarty and Paritosh Bansal)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 0.66% 151.76 Delayed Quote.-15.28%
BANK OF AMERICA CORPORATION -1.48% 30.57 Delayed Quote.-28.68%
BARCLAYS PLC -3.10% 155.84 Delayed Quote.-14.00%
INTEL CORPORATION -0.30% 26.89 Delayed Quote.-46.56%
META PLATFORMS, INC. -1.44% 134.4 Delayed Quote.-59.46%
MOODY'S CORPORATION -0.23% 249.74 Delayed Quote.-34.79%
MORGAN STANLEY -0.35% 79.48 Delayed Quote.-18.74%
All news about META PLATFORMS, INC.
01:20pMeta Platforms Shuts Down Two Networks in China, Russia
MT
01:02pWall St deep in bear market as S&P 500 hits new two-year low
RE
09:40aMeta Shuts Down Influence Operations Started in China, Russia
DJ
09:37aClimate change means the Inuit do what they've alwa..
RE
09:07aWall Street set to open higher after brutal selloff
RE
08:56aItaly's election humbles former populist heroes Salvini and Di Maio
RE
08:21aMeta says removes China-based propaganda operation targeting U.S. midterms
RE
07:25aFutures bounce after brutal Wall Street selloff
RE
06:27aSocial Buzz: Wallstreetbets Stocks Up Premarket; AMC Entertainment Holdings ..
MT
06:21aMarketScreener's World Press Review : September 27, ..
MS
More news
Analyst Recommendations on META PLATFORMS, INC.
More recommendations
Financials (USD)
Sales 2022 118 B - -
Net income 2022 26 681 M - -
Net cash 2022 39 915 M - -
P/E ratio 2022 13,9x
Yield 2022 -
Capitalization 367 B 367 B -
EV / Sales 2022 2,76x
EV / Sales 2023 2,37x
Nbr of Employees 83 553
Free-Float 84,4%
Chart META PLATFORMS, INC.
Duration : Period :
Meta Platforms, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends META PLATFORMS, INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 55
Last Close Price 136,37 $
Average target price 222,69 $
Spread / Average Target 63,3%
EPS Revisions
Managers and Directors
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
David M. Wehner Chief Financial Officer
Atish Banerjea Chief Information Officer
Andrew Bosworth Chief Technology Officer
Rajeev Rajan Vice President & Head-Engineering
Sector and Competitors
1st jan.Capi. (M$)
META PLATFORMS, INC.-59.46%366 501
TWITTER, INC.-3.79%31 723
KUAISHOU TECHNOLOGY-22.07%30 435
MATCH GROUP, INC.-64.96%13 114
BUMBLE INC.-38.69%2 690
GREE, INC.1.65%1 033