Meta issues $10 billion in bonds for share buybacks, product development

Meta plans to fund its share buybacks and some of its operations by raising $10 billion in its first bond offering, Reuters reported, citing people familiar with the matter. The offering, which includes bonds with maturities ranging from five to 40 years, received more than $30 billion in investor orders. BofA Merrill Lynch, Barclays, JPMorgan and Morgan Stanley are joint bookrunners for the Meta bond offering. Meta's metaverse project push cost the company a lot of money in research and development. Meta's free cash flow was $4.45 billion in the second quarter ended June 30, compared with $8.51 billion a year ago.