InfraCompute / Deals
Alphabet: mandatory convertible preferred
Hybrid capital for Alphabet, US$19.25bn, 4 June 2026.
Key terms
- Borrower or issuer
- Alphabet
- Date
- 4 June 2026
- Structure
- Hybrid capital
- Amount
- US$19.25bn
- Pricing
- 6.25%
- Tenor
- Mandatory conversion (see prospectuses)
What’s notable
A US$19.25bn mandatory convertible preferred at 6.25%, with Goldman Sachs as bookrunner. A hyperscaler using hybrid capital alongside its senior bonds is a sign of how large AI capex has become.
Recorded terms
- Lender type
- Bonds and securitisationsStructure: notes or bonds
- Tenor
- Mandatory conversion (see prospectuses)
- Security
- Unsecured
- Lenders and arrangers
- Arrangers / bookrunners: Goldman Sachs
- Trustee
- BNY
Similar financings
Same structure, other borrowers, closest in date.
More from Alphabet
Filed documents and legal terms
The documents behind this financing that are filed on SEC EDGAR, with the governing law each states. Read any document in full before relying on it; filers may redact commercial terms.
- Filed documents
- 4
- Governing law
- Not stated in the filed text
- Quoted in the clause and contract libraries
- 0
| Filed document | Dated | Governing law | In InfraCompute |
|---|---|---|---|
| 8-K closing (MCP) | 5 June 2026 | – | – |
| Final prospectus supplement (424B5) | 4 June 2026 | – | – |
| Final prospectus supplement (424B5) | 4 June 2026 | – | – |
| 8-K (US$40bn ATM programme) | 4 June 2026 | – | – |
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For counsel on this deal
Acting for a lender, borrower or sponsor on a financing like this? Start from the filed precedents. Previews are open; the full text is free with InfraCompute Weekly.
Sources
- Alphabet mandatory convertible preferred Jun 2026Source date: 4 June 2026
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
