Alphabet prices $20 billion multi-tranche bond offering

Alphabet Inc. (NASDAQ: GOOGL) priced a $20 billion bond offering across seven tranches with maturities ranging from 2029 to 2066, according to a company statement.

The offering includes $2.5 billion in 3.700% notes due 2029, $3 billion in 4.100% notes due 2031, $3 billion in 4.400% notes due 2033, $4.25 billion in 4.800% notes due 2036, $1.5 billion in 5.500% notes due 2046, $4 billion in 5.650% notes due 2056, and $1.75 billion in 5.750% notes due 2066.

The notes were priced at yields ranging from 3.829% for the three-year maturity to 5.794% for the 40-year bonds. Spreads to benchmark Treasury securities ranged from 27 basis points for the 2029 notes to 95 basis points for the 2066 notes.

BofA Securities, Goldman Sachs & Co. LLC, and J.P. Morgan Securities LLC served as joint global coordinators and joint book-running managers for the offering. The notes carry credit ratings of Aa2 from Moody's and AA+ from S&P, both with stable outlooks.

The bonds are scheduled to settle on February 13, 2026, with interest payments due semi-annually on February 15 and August 15 of each year, beginning August 15, 2026. The notes will be issued in minimum denominations of $2,000 with additional increments of $1,000.

Net proceeds to Alphabet after underwriting discounts but before expenses total approximately $19.85 billion across all tranches.

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