Microsoft prices $25 billion senior unsecured notes offering
Microsoft Corp. priced an offering of $25 billion aggregate principal amount of senior unsecured notes across nine fixed-rate tranches and two floating-rate tranches. The notes mature between November 2028 and November 2066, with coupons ranging from floating rate to 6.35 percent. The offerings are expected to close on November 4, 2026, with net proceeds to be used for general corporate purposes including working capital, capital expenditures, stock repurchases, acquisitions, and debt repayment.
Key takeaways
Aggregate principal amount of $25 billion across 11 tranches of senior unsecured notes
Two floating-rate tranches totaling $2 billion ($1 billion each due November 2028 and 2029)
Nine fixed-rate tranches with coupons from 4.85% to 6.35%, maturities ranging from 2028 to 2066
Largest fixed-rate tranches: $4 billion each of 5.55% notes due 2036 and 6.25% notes due 2056
Expected closing date of November 4, 2026
Joint book-runners include J.P. Morgan, UBS, Wells Fargo, Barclays, BNP Paribas, BofA Securities, Citigroup, Goldman Sachs, HSBC, Morgan Stanley, and RBC Capital Markets
Net proceeds designated for working capital, capital expenditures, stock repurchases, acquisitions, and debt repayment
Primary source
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