$MSFT · MICROSOFT CORP
Microsoft filed an 8-K reporting an underwriting agreement dated October 29, 2026 with J.P. Morgan, UBS, and Wells Fargo as representatives for a $25 billion senior unsecured notes offering. The offering spans ten tranches: $1B floating-rate notes due 2028, $2B 4.850% notes due 2028, $1B floating-rate notes due 2029, $3.25B 5.000% notes due 2029, $3.25B 5.200% notes due 2031, $2.5B 5.350% notes due 2033, $4B 5.550% notes due 2036, $2B 6.150% notes due 2046, $4B 6.250% notes due 2056, and $2B 6.350% notes due 2066. Notes are senior unsecured obligations ranking equally with other unsecured debt, issued under the May 18, 2009 base indenture as supplemented.
- Total offering is $25 billion aggregate principal across ten tranches.
- Longest-dated tranche is $2B of 6.350% notes due 2066.
- Floating-rate notes total $2B ($1B due 2028, $1B due 2029).
- Fixed-rate notes carry coupons from 4.850% to 6.350%.
- Floating-rate notes are not redeemable at the company's option.
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A $25 billion multi-tranche debt raise signals Microsoft tapping capital markets at scale, though routine for a company of its size.
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