Twitter Inc. is looking to raise $1 billion in the US bond market to help finance a share buyback, probably reviving the junk-rated primary market that’s been frozen since February 10.

According to a report by Bloomberg, the eight-year unsecured notes may be sold as soon as Wednesday. Proceeds will be utilized for general corporate purposes including capital expenditures, investments and working capital.

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Twitter shares have fallen around 11% since the company announced a $4 billion stock buyback along with its quarterly earnings report on February 10. During the same period, Nasdaq 100 Index has dropped around 5%. The Twitter stock is 23% down this year.

Newly appointed Twitter CEO Parag Aggarwal has promised increased accountability, faster decision making and improved product execution. Last year, the company has set a target to increase annual revenue to $7.5 billion and reaching 315 million daily users by the end of 2023.

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In 2019, Twitter made its entry in the junk-bond market and $700 million from a deal that received over $ 6 billion in orders from investors. According to Trace data, it was sold at a yield of just 3.875% – one of the lowest ever seen – and is currently yielding at around 4.2%.

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According to data compiled by Bloomberg, Twitter’s latest offering will likely reopen the US junk-bond new issue market that hasn’t seen a deal price after February 10 when Norwegian Cruise Line Holdings Ltd. raised $1.6 billion.

The debt is rated Ba2/BB+, both within two rungs below investment grade. On Feb 18, Trade bond data showed that the social media company’s most actively traded 3.875% notes due in 2027 changed hands at 98.37 cents on the dollar. The debt traded at par as recently as Feb 2.

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A part of the debt will be used to fund potential acquisitions. Currently, Twitter isn’t actively engaged in any deals.

According to the statement “From time to time Twitter evaluates potential strategic transactions and acquisitions of businesses, technologies or products.” Currently, however, Twitter does not have any agreements concerning any such material strategic transactions or acquisitions.

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An investor call is scheduled for 10 am in New York. The sale of the offering will be managed by JPMorgan Chase & Co.