February 6, 2020 / 8:52 PM / 16 days ago

Juul raises $700 million in debt from investors: source

FILE PHOTO: Juul brand vape cartridges are pictured for sale at a shop in Atlanta, Georgia, U.S., September 26, 2019. Picture taken September 26, 2019. REUTERS/Elijah Nouvelage/File Photo

(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 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.

The Wall Street Journal had first reported the news.

Reporting by Dania Nadeem in Bengaluru; Editing by Vinay Dwivedi

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