The American Meta Platforms (recognized as an extremist organization in the Russian Federation, its activities are prohibited in the country) will place bonds for the first time in its history.

Proceeds from the sale of securities will be used for general corporate purposes, which may include capital expenditures, buybacks of outstanding shares, investments and purchases of other companies, Meta said in documents filed with the SEC.

The volume of bonds issued and the price range in them is not specified, according to MarketWatch.

International rating agencies S&P Global Ratings and Moody’s Investors Service on Wednesday assigned the owner of the social network Facebook „AA-” and „A1” ratings, respectively.

Unlike many other large tech companies that, despite having large amounts of cash, raised significant amounts from issuing bonds at low rates, Meta has not previously entered the bond market. According to Bloomberg, it is one of 18 companies in the S&P 500 that has no outstanding short-term or long-term debt, except for lease obligations.

Meta’s free cash and cash equivalent is estimated at about $40.5 billion as of the end of the second quarter.