Snapchat Secures Line Of Credit Ahead Of Rumored IPO by PitchBook
Snapchat has taken on a new line of credit in a deal led by Morgan Stanley, according to Recode. With the new facility, Snapchat will be able to borrow money instead of raising more equity funding, and thus avoid diluting its existing shareholders.
The Electron Global Fund was up 2% for September, bringing its third-quarter return to -1.7% and its year-to-date return to 8.5%. Meanwhile, the MSCI World Utilities Index was down 7.2% for September, 1.7% for the third quarter and 3.3% year to date. The S&P 500 was down 4.8% for September, up 0.2% for the third Read More
This news further fuels speculation that the company is setting up for a public offering in the near future. Rumors circulated last week that Snapchat was in talks with investment bankers about filing for an IPO later this year or in 2017. All signs point to that being likely.