Unlock Hidden Alpha in Financial Disclosures

Summarize Snapchat's convertible debt balance.

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  "content": "As of March 31, 2025, Snap Inc. (“Snapchat”) had the following outstanding convertible debt (“Convertible Notes”):\n\n- **2025 Notes:** $36.2 million principal, maturing May 1, 2025\n- **2026 Notes:** $204.5 million principal, maturing August 1, 2026\n- **2027 Notes:** $352.6 million principal, maturing May 1, 2027\n- **2028 Notes:** $700.0 million principal, maturing March 1, 2028\n- **2030 Notes:** $750.0 million principal, maturing May 1, 2030\n\nThe total principal amount of convertible notes outstanding was **$2.04 billion** as of March 31, 2025. After accounting for unamortized debt issuance costs and discounts/premiums, the net carrying amount was **$2.01 billion** [#78e71523].\n\nKey terms and features:\n- The Convertible Notes are unsecured and unsubordinated obligations.\n- Interest rates are low, ranging from 0.125% to 0.75% (stated), with effective interest rates between 0.19% and 1.21%, except for the 2027 Notes, which do not bear regular interest [#404d9fb6].\n- The notes are convertible into cash, shares of Snap’s Class A common stock, or a combination, at Snap’s election. Initial conversion prices range from $21.68 to $89.25 per share, depending on the series [#063a8101][#404d9fb6].\n- As of March 31, 2025, the if-converted value of the Convertible Notes did not exceed the principal amount, and most series were not eligible for optional conversion in Q2 2025, except for the 2025 Notes [#063a8101].\n- Snap repurchased significant portions of its 2025 and 2026 Notes during 2024 and Q1 2025, reducing the outstanding balances of these series [#f84c2ef3][#78e71523].\n- No sinking fund is provided, meaning Snap is not required to redeem or retire the notes periodically [#063a8101].\n\nIn summary, Snap’s convertible debt balance as of March 31, 2025, was **$2.04 billion principal outstanding**, with maturities ranging from 2025 to 2030, and the company has actively reduced its near-term convertible debt through repurchases [#78e71523][#063a8101][#f84c2ef3]."
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