Meta files preliminary five-part dollar bond offering

Meta Platforms has filed a preliminary prospectus supplement for five series of dollar-denominated senior notes, taking its borrowing plan into a documented offering process while leaving the size and final terms open.

The November 3 filing leaves the principal amount, interest rate and maturity of each series blank. Public offering prices, underwriting discounts, proceeds before expenses and estimated net proceeds are also unspecified. As a result, the filing does not establish how much Meta will raise or whether the sale will be completed.

Meta said it intends to use the net proceeds for general corporate purposes. The notes would be unsecured and unsubordinated obligations, ranking equally with its existing and future unsecured and unsubordinated debt. Meta’s subsidiaries would not guarantee them. The debt plan follows S&P’s negative revision to Meta’s credit outlook over AI spending.

The filing names Citigroup and Morgan Stanley as joint book-running managers. It says the underwriters may withdraw, cancel or modify the offering and may reject orders in whole or in part.

Meta also said it may launch a substantially concurrent offering of euro-denominated notes under a separate prospectus supplement. The company gave no assurance that the euro offering would launch or close. Settlement of either offering would not depend on settlement of the other.