Cloud Firm Snowflake Seeks $2 Billion in Convertible Bonds (1)

Snowflake Inc. is seeking to raise $2 billion from the sale of convertible bonds.

The data analytics provider is offering two tranches of $1 billion each in a private placement, according to a statement Monday. Snowflake is marketing its convertible senior notes due 2027 and 2029 respectively with a coupon of 0% to 0.5% each, according to people familiar with the matter.

Snowflake is seeking a conversion premium of 32.5% to 37.5% for the notes, the people said, asking not to be identified as the information isn’t public. It intends to use the proceeds for purposes including buying back as ...