Snap Inc. said it will raise $1 billion in a private debt offering as the Snapchat parent company is looking to continuing building on its 2019 turnaround.

The convertible senior notes will have a due date of Aug. 2026, according to Snap. The proceeds will be used to cover general operating costs, Snap said, but may also be used to “acquire complementary businesses, products, services or technologies.” Snap said it could also be used for stock repurchases, although it has no immediate plans to do so.

Snap shares dropped 0.3% in early trading on Tuesday, hitting $16.40 per share.

Also Read: Why Snap's Original Content Head Is Big on 5-Minute Shows That Are Shot Vertically

The move comes a few weeks after Snap reported it added 13 million new daily active users during Q2, representing its best quarterly user growth in years, and ran past Wall Street’s revenue projections. It was the first quarter since Snap had unveiled a new slate of original shows, as well as a new in-app gaming platform. Snap’s rebound was also spurred by the launch of its viral gender face-swap filter in May and a revamped Android app.

Since the start of the year, Snap’s stock price has nearly tripled. Less than a year ago, Snap was trading at less than $5 per share, after a botched app redesign drove users away. Instagram copying some of its core features like Stories also didn’t help Snap’s growth.

Last year, Snap chief Evan Spiegel set a company goal of reaching full-year profitability for the first time ever in 2019, but that still appears to be a year off. The company reported a loss of more than $250 million last quarter — less than Snap lost during the same time last year — and a loss of about $310 million during Q1.

The Scene at TheGrill 2019: Pamela Adlon, Tony Hale, and More at TheWrap's Media Leadership Conference (Photos)

Film producer Ryan Kavanaugh poses on TheGrill 2019 red carpet
Kendra Kabasele
Pamela Adlon and Tony Hale at the Spotlight on Comedy panel moderated by TheWrap's Tim Molloy
Kendra Kabasele
Actor Anthony Carrigan, Dave Rubin and Brie Miranda Bryant at the Innovators panel
Kendra Kabasele
TheWrap's Sharon Waxman poses with Pamela Adlon and Tony Hale
Kendra Kabasele
Guests chat at a breakfast hosted by OpusBank
Kendra Kabasele
TheGrill 2019 networking breakfast presented by OpusBank
Kendra Kabasele
Ryan Kavanaugh, CEO and founder of Proxima, and TheWrap's Sharon Waxman have a spotlight conversation to kick off TheGrill 2019.
Kendra Kabasele
Ryan Kavanaugh
Lionsgate vice chairman Michael Burns and Hello Sunshine CEO Sarah Harden speak at M&A: Exits, Outcomes and Successes
Kendra Kabasele
Pamela Adlon poses for the camera
Kendra Kabasele
Jason Rapp moderates M&A: Exits, Outcomes and Successes panel discussion with Lionsgate's Michael Burns and Hello Sunshine's Sarah Harden
Kendra Kabasele
Founder and co-CEO of Propagate Content, Howard Owens, poses on TheGrill 2019 red carpet
Kendra Kabasele
Onlookers at the M&A: Exits, Outcomes and Successes panel with Michael Burns and Sarah Harden, moderated by Jason Rapp
Kendra Kabasele
M&A: Exits, Outcomes and Successes panel
Kendra Kabasele
(L-R) Benji Lanpher, Crofton Diack, David Reichert, Guillermo Navarro, Jimmy Chin, Shannon Dill and TheWrap's Steve Pond at Daring Nature: Documenting Extremes presented by National Geographic
Kendra Kabasele
"Free Solo" director Jimmy Chin speaks at Daring Nature: Documenting Extremes presented by National Geographic
Kendra Kabasele
The crowd listening to the Nat Geo panel
Kendra Kabasele
Shannon Dill at Nat Geo's panel
Kendra Kabasele
Guillermo Navarro at the Daring Nature: Documenting Extremes presented by NatGeo panel
Kendra Kabasele
Benji Lanpher and Crofton Diack of "Life Below Zero" speak at Daring Nature: Documenting Extremes presented by National Geographic
Kendra Kabasele
Onlookers at Daring Nature: Documenting Extremes presented by National Geographic
Kendra Kabasele
A participant makes a point at the Producer's Roundtable
Kendra Kabasele
Howard Owens chats with guests at the Producers Roundtable presented by Delta Airlines
Kendra Kabasele
Producers' Rountable at TheGrill 2019
Kendra Kabasele
"Black Love" executive producer Tommy Oliver and "Surviving R. Kelly" co-producer Brie Miranda Bryant at the Diversity Strong: Tearing Down Bias, Building Inclusivity Roundtable
Kendra Kabasele
Lunch is just on the other side of this tunnel of light!
Kendra Kabasele
A choice of ice cold lemonade or tea with lunch at the London West Hollywood hotel
Kendra Kabasele
Guests chatting under an umbrella at TheGrill 2019
Kendra Kabasele
TheWrap's Claude Memmi at TheGrill 2019
Kendra Kabasele
Guests gather to chat at TheGrill 2019
Kendra Kabasele
TheWrap magazines on a table at TheGrill 2019
Kendra Kabasele
Devin Johnson (far left) president of UNINTERRUPTED, and other participants listen to the Diversity Strong: Tearing Down Bias, Building Inclusivity Roundtable
Kendra Kabasele
Sharon Waxman chats with "Black Love" creator and executive producer Tommy Oliver
Kendra Kabasele
Pamela Adlon and Tony Hale lead the Spotlight on Comedy
Kendra Kabasele
(L-R) Raina Kumra, Jeff Berman and Amy Emmerich at the Silicon Beach Roundtable
Kendra Kabasele
Brie Miranda Bryant, senior vice president of Unscripted Development and Programming at Lifetime and co-producer of "Surviving R. Kelly," networking with guests
Kendra Kabasele
Sharon Waxman chats with "Sorry to Bother You" producer Nina Yang Bongiovi
Kendra Kabasele
(L-R) Adam Lewinson, Bruce Perlmutter, Shelley Zimmerman and TheWrap's Sean Burch at the Streaming Steps Up panel presented by Tubi
Kendra Kabasele
Adam Lewinson, chief content officer of Tubi, makes a point
Kendra Kabasele
Guests at TheGrill 2019
Kendra Kabasele
Attendees at lunch at TheGrill 2019
Kendra Kabasele
Guests at TheGrill 2019
Kendra Kabasele
Anthony Carrigan, Dave Rubin and Brie Miranda Bryant at the Innovators panel moderated by TheWrap's Sharon Waxman
Kendra Kabasele
Flowers on a table at TheGrill 2019
Kendra Kabasele
Dave Rubin mingles after the Innovators panel
Kendra Kabasele
Conversations being had at the diversity roundtable
Kendra Kabasele
Anthony Carrigan and Dave Rubin pose together after the Innovator's panel
Kendra Kabasele
Bruce Perlmutter makes a point during the Streaming Steps Up panel presented by Tubi
Kendra Kabasele
Onlookers at the Spotlight on Comedy panel with Pamela Adlon and Tony Hale, moderated by TheWrap's Tim Molloy
Kendra Kabasele
Onlookers at the Silicon Beach panel
Kendra Kabasele
Actress Sydney Park (center) tells a story during the diversity roundtable
Kendra Kabasele
Howard Owens speaking at TheGrill 2019
Kendra Kabasele
An onlooker listening intently to the Innovator's Panel
Kendra Kabasele
Guests mingle at the close of TheGrill 2019
Kendra Kabasele
TheWrap CEO Sharon Waxman addresses guests at the opening dinner
Kendra Kabasele
David Reichert, director of photography on Nat Geo's "Hostile Planet"
Kendra Kabasele
TheWrap's CEO Sharon Waxman speaks at TheGrill 2019 opening dinner
Kendra Kabasele
Guests sitting at the table for TheGrill 2019 opening dinner
Kendra Kabasele
Closing cocktail party at TheGrill 2019
Kendra Kabasele