Apple Prices $7.5 Billion Bond Offering

Apple has priced a $7.5 billion bond offering across seven series, with maturities ranging from 2028 to 2036. The company expects to receive approximately $7.47 billion after underwriting discounts and offering expenses.

The final pricing term sheet filed with the SEC is dated November 5 and schedules settlement for November 9, when the notes are expected to be delivered against payment. The terms are set, but the offering has not yet settled.

Apple plans to use the money for general corporate purposes. Its prospectus lists potential uses including share repurchases, dividends, working capital, capital expenditures, acquisitions, and debt repayment. It does not earmark the proceeds for a particular AI project.

Two series have floating interest rates that reset quarterly, while the other five carry fixed rates. The offering breaks down as follows:

The fixed-rate notes pay interest twice a year, beginning May 9, 2027. The floating-rate notes pay quarterly, beginning February 9, 2027, with their rates tied to compounded SOFR rather than a fixed coupon.

Apple can redeem the fixed-rate notes before maturity under the terms set out in the filing. The two floating-rate series cannot be redeemed at the company's option before they mature.