Dorsey’s Square Is Selling $2 Billion of Bonds in Junk Debut
- Deal would be the second-biggest inaugural offering this year
- Square’s revenue more than tripled after Bitcoin buys surged
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Mobile payments company Square Inc. is looking to sell its first high-yield bonds in what would be one of the biggest debut junk deals to hit the market this year.
Square, which is run by Twitter Chief Executive Officer Jack Dorsey, is offering $2 billion of notes to fund potential acquisitions, capital expenditures and other investments, according to people with the knowledge of the matter. Early pricing discussions are in the low-to-mid 3% range for the five-year portion, and for a yield in the high-3% to 4% range on the 10-year debt, according to the people, who asked not to be identified discussing a private transaction.