Facebook parent Meta Platforms raises US$10 billion in bond offering

ToNY AVELAR FILE AP Facebook-parent Meta Platforms Inc said on Tuesday it had raised US $10 billion in its first bond offering, as it looks to fund share buybacks and investments to revamp its business.

The offering would help Meta, the only tech company with debt on its books, to build a more traditional balance sheet and fund some expensive initiatives, such as its metaverse virtual reality.

Apple and Intel Corp issued bonds recently, raising US $5.5 billion and US $6 billion, respectively.

In late July, Meta posted a gloomy forecast and recorded its first-ever quarterly drop in revenue, with recession fears and competitive pressures weighing on its digital ads sales.