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Twitter Boosts Bond, Ties for Record-Low Yield Amid Buyer Frenzy

  • Notes sold at yield of 3.875%, tying Restaurant Brands for low
  • Investor orders exceed $6 billion for company’s first offering

Photographer: Michael Nagle/Bloomberg

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Twitter Inc. managed to borrow at some of the lowest costs ever in the junk-bond market as investors clamored for a piece of the technology company’s debut sale.

The size of the offering was increased to $700 million from a planned $600 million after Twitter received more than $6 billion in orders for its debt, according to people with knowledge of the matter, who asked not to be identified because the information is private. It ultimately sold the notes at a yield of 3.875%, matching the yield Popeyes parent company Restaurant Brands International Inc. paid to borrow in September. The coupon is the lowest for securities maturing in eight years or more in the U.S. high-yield market, according to data compiled by Bloomberg.