Meta Platforms Inc.
META,
launched its first ever corporate bond offering on Thursday, without disclosing either the size of the deal or its pricing. Proceeds will be used for general corporate purposes, which may include capital expenditures, repurchases of outstanding shares of its common stock, acquisitions, or investments, the Facebook parent said in a regulatory filing. S&P Global Ratings assigned Meta an AA- rating on Wednesday, while affirming a “stable” outlook. “Our stable outlook reflects our expectation for roughly flat revenue growth over the next 12-18 months due to a slowing economic environment, but cash balances will remain high with no leverage,” S&P said in a press release. In addition, Moody’s Investors Service assigned Meta an A1 issuer rating. Meta shares were down 0.3% in premarket trading and have fallen 50% in the year to date, while the S&P 500
SPX,
has fallen 13%.
