Social media giant Meta said in a filing on Monday that it’s planning to raise $8.5 billion in a five-part bond offering, as reported by Reuters. This will be the tech giant’s second bond issue, after raising $10 billion in its first-ever bond sale in August last year.
It added that the funds will be used to finance capital expenditures, buy back its common stock’s outstanding shares, and also for investments or acquisitions.
The news comes just days after Meta revealed its financial results for the first quarter of 2023. During Q1, the company generated a revenue of $28.6 billion, up 3% year-over-year. This marks a turnaround for the company which saw declining sales in the previous three quarters.
After releasing its financial report and beating analysts’ profit and revenue estimations, Meta’s shares increased by 13%. The positive results it had longed for could have contributed to its plans to pursue its second bond offering.