Benzinga | May 17, 2021 10:44AM EDT

Square Seeks To Raise $2B Via Institutional Debt Offering

* Square Inc (NYSE: SQ) announced its plans to raise $2 billion from private institutional senior note offering.

* The offering proceeds will be utilized for general corporate purposes, including acquisitions, strategic transactions, capital expenditures, investments, and working capital.

* Recently, Square reported a Bitcoin (CRYPTO: BTC)-fueled revenue of $5.06 billion (up 266% year-on-year), beating the analyst consensus of $3.36 billion. The company had reported an EPS of $0.41, beating the analyst consensus of $0.16.

* Square held $3 billion in cash and equivalents as of Mar. 31, 2021, and had $2.98 billion in long-term debt on its balance sheet.

* Price action: SQ shares traded lower by 2.95% at $201.65 on the last check Monday.