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UPDATED: Snap, the money-losing parent company of Snapchat, issued $1.265 billion in debt securities in a private placement, with the proceeds to be used for working capital and potential acquisitions.

Initially, Snap said it planned to raise $1 billion but late Tuesday announced the upsized long-term debt offering of $1.1 billion. Then, in an Aug. 9 SEC filing, the company revealed it sold debt securities with a principal amount of $1.265 billion, in agreements with Goldman Sachs, Morgan Stanley and J.P. Morgan Securities as representatives of the debt purchasers.

In announcing the plans, Snap said it expects to use the net proceeds from the offering for “general corporate purposes,” which is standard boilerplate. The company also said it may use a portion of the funds “to acquire complementary businesses, products, services, or technologies” or for buybacks of Snap stock.

Snap shares fell as much as 1.5% in early trading Tuesday after the announcement, closing down about 1% to $16.29 per share. Still, that’s up 181% year to date.

It’s the first time Snap is adding long-term debt to its balance sheet. As of June 30, the company had $335.7 million in cash and equivalents, as well as $849 million in marketable securities.

The planned debt financing comes after the company returned to solid user growth in the first half of 2019. For Q2, Snap posted revenue up 48% to $388 million and a net loss of $255 million (versus a net loss of $353 million in the year-earlier period). As of June 30, 2019, Snap reported an accumulated deficit (negative retained earnings) of $6.48 billion.

Snap said the $1.265 billion in debt securities will be unsecured obligations, with the principal amount of convertible senior notes due Aug. 1, 2026. The notes will accrue interest of 0.75% per year, paid semiannually. Debt-holders will have the option to covert the notes starting on April 30, 2026; on conversion, holders of the notes will receive cash, stock, or a combination of cash and stock. The company also granted the initial purchasers of the debt securities an option to purchase up to an additional $165 million principal amount of notes.