Snowflake Closes $3.75B Convertible Notes Offering with Capped Call Protection
SNOW has more than doubled off its 52-week low of $118.3.
Summary
Snowflake completed its $3.75 billion convertible notes offering, raising $3.70 billion net of fees. The deal includes capped call transactions to reduce dilution and repurchases of $261.8 million of 2027 notes.
Key Events · Financing and Capital Events · SNOW
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Offering Completed
On October 1, 2026, the company closed its $3.75 billion private placement of 0.00% convertible senior notes, split between $2.0 billion due 2029 and $1.75 billion due 2031.
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Net Proceeds
After discounts and expenses, net proceeds were approximately $3.70 billion, with potential to reach $4.24 billion if initial purchasers exercise options for an additional $550 million.
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Conversion Terms
The 2029 notes convert at 1.9985 shares per $1,000 (conversion price ~$500.38, a 52.5% premium); the 2031 notes convert at 2.0662 shares per $1,000 (conversion price ~$483.98, a 47.5% premium).
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Capped Call Protection
To reduce dilution upon conversion, $383.5 million was spent on capped call transactions with a cap price of $820.30 per share.
Analysis · SNOW · Technology
The upsized $3.75 billion convertible notes offering closed on October 1, 2026, generating approximately $3.70 billion in net proceeds. Pricing reflected strong institutional demand, with conversion premiums of 52.5% for the 2029 notes and 47.5% for the 2031 notes. To limit dilution, $383.5 million was allocated to capped call transactions, while $548.3 million went toward retiring a portion of the 2027 notes—extending the debt maturity profile and preserving equity upside for existing shareholders.
How filings like this one have moved
In the 30 days to Oct 18, 2026, 29.5% of the 1427 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SNOW was trading at $341.01 on NYSE in the Technology sector, with a market capitalization of approximately $120.3B. The 52-week trading range was $118.30 to $384.56. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.