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Juul raises $700 million in debt from investors: source

Published 02/06/2020, 04:04 PM
Updated 02/06/2020, 04:04 PM
© Reuters. FILE PHOTO: Juul brand vape cartridges are pictured for sale at a shop in Atlanta

(Reuters) - Juul Labs Inc has raised more than $700 million in convertible debt from investors to fund its operations, a source familiar with the matter told Reuters, as the e-cigarette maker battles growing regulatory scrutiny on vaping.

Last week, Altria Group (NYSE:MO) Inc said it booked a $4 billion charge in the fourth quarter on its investment in Juul.

The company has recorded $8.6 billion in impairments as of 2019, since it took a 35% stake in Juul for $12.8 billion in December 2018.

© Reuters. FILE PHOTO: Juul brand vape cartridges are pictured for sale at a shop in Atlanta

The Wall Street Journal had first reported the news.

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