Following yesterday’s report that Apple was preparing to raise approximately $7 billion through a bond offering, the company has now finalized terms with the SEC, confirming a slightly larger amount. Here are the details.
Apple expects $7.47 billion in net proceeds from bond sale
Yesterday morning, Apple filed a preliminary prospectus with the SEC, outlining plans to issue a series of bonds maturing between 2028 and 2036.
Soon after, Bloomberg reported that the bond sale was targeting roughly $7 billion, with investor interest already surpassing $30 billion.
Now, Apple has filed the final pricing term sheet for the bond sale with the SEC, confirming a $7.5 billion offering across the seven previously announced series, with the following breakdown:
- $500 million in floating-rate bonds maturing in 2028
- $750 million in floating-rate bonds maturing in 2029
- $1 billion in fixed-rate bonds maturing in 2028, with a 4.65% annual interest rate
- $1 billion in fixed-rate bonds maturing in 2029, with a 4.75% annual interest rate
- $1 billion in fixed-rate bonds maturing in 2031, with a 4.90% annual interest rate
- $1.25 billion in fixed-rate bonds maturing in 2033, with a 5.10% annual interest rate
- $2 billion in fixed-rate bonds maturing in 2036, with a 5.35% annual interest rate
Floating-rate bonds, as the name implies, have interest rates that fluctuate over time based on certain market conditions, rather than remaining fixed.
Of that $7.5 billion, Apple expects to receive approximately $7.47 billion after deducting underwriting discounts and other offering expenses.
In essence, Apple will pay investors interest over the life of the bonds, then repay the full amount borrowed when each series reaches maturity. Apple may also choose to repay some or all of its fixed-rate bonds early.
As described in yesterday’s prospectus, the company intends to use the proceeds for “general corporate purposes,” which may include stock buybacks, dividends, acquisitions, and debt repayment.
You can read the full filing with the SEC here.
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