NEW YORK (TheStreet) -- Shares of Twitter (TWTR) - Get Twitter, Inc. Report fell 1.4% to $52.17 in after-hours trading Wednesday after the social media company said it would reach into the debt markets for the first time.
The company intends to raise as much as $1.5 billion to fund acquisitions and expansion, according to a regulatory filing. Twitter will sell convertible bonds in two $650 million chunks. One matures in five years and the other in seven. The size of the offering could be increased to $1.5 billion depending on the participation of the banks involved.
The stock closed up 4.54% to $52.91. More than 37.1 million shares had changed hands, compared to the average volume of 27,850,200.
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