“Apple Inc. (AAPL) is about to join the ranks of the biggest U.S. corporate borrowers as the iPhone maker starts marketing bonds in what it says may rival last April’s then-record $17 billion offering,” Sarika Gangar and Matt Robinson report for Bloomberg.
“The iPhone maker is offering bonds in seven parts, according to a person with knowledge of the transaction,” Gangar and Robinson report. “The Cupertino, California-based company plans to issue both floating- and fixed-rate notes with maturities of three and five years in addition to fixed-rate notes due in seven, 10 and 30 years, said the person, who asked not to be identified because terms aren’t set.”
“Apple said last week it will seek to raise an amount ‘similar’ to what it issued in 2013. That would about double its debt load this year to put it within the 20 largest U.S. corporate borrowers,” Gangar and Robinson report. “Apple is opting to issue debt rather than use $159 billion of cash and marketable securities that’s mostly held overseas and subject to repatriation taxes.”
Full article here.