Apple hit the bond market on Thursday, with a four-part debt deal, focused ion keeping its mega shareholders’ capital return program flowing, after the compnay earlier this week reported yet another quarter of blockbuster earnings.
The Cupertino, Calif. company expects to sell the bonds, which mature in seven, 10, 30 and 40 years on Thursday, with proceeds earmarked for general corporate purposes, including to repurchase stock and to pay of dividends, the company said in a public filing.
“We expect Apple AAPL, +0.46% to use the proceeds for shareholder returns and to a lesser extent debt repayment,” Jordan Chalfin, senior technology analyst at CreditSights, wrote in a Thursday note. “The company has $72 billion net cash as of the most recent quarter and has a long-standing goal to reach net cash neutral over time.”
Apple already returned $29 billion to shareholders in the June quarter, during the company’s earnings call. The shareholder rewards were split between $3.8 billion in dividend payments and $17.5 billion in stock repurchases.
MacDailyNews Take: Apple’s SEC filing is here.