InfraCompute / Deals
Microsoft US$25bn ten-tranche senior notes October 2026
SEC-registered senior unsecured notes: floating rate notes due 2028 and 2029 and fixed rate notes due 2028, 2029, 2031, 2033, 2036, 2046, 2056 and 2066 for Microsoft, US$25.0bn across ten tranches, 29 October 2026.
Key terms
- Borrower or issuer
- Microsoft
- Date
- 29 October 2026
- Structure
- SEC-registered senior unsecured notes: floating rate notes due 2028 and 2029 and fixed rate notes due 2028, 2029, 2031, 2033, 2036, 2046, 2056 and 2066
- Amount
- US$25.0bn across ten tranches
- Pricing
- FRNs: Compounded SOFR + 35bp (2028) and + 53bp (2029). Fixed: 4.850% 2028 (T+25bp), 5.000% 2029 (T+35bp), 5.200% 2031 (T+45bp), 5.350% 2033 (T+55bp), 5.550% 2036 (T+65bp), 6.150% 2046 (T+85bp), 6.250% 2056 (T+95bp), 6.350% 2066 (T+105bp)
- Tenor
- Two to 40 years; all tranches mature on 3 November of 2028, 2029, 2031, 2033, 2036, 2046, 2056 and 2066
Recorded terms
- Lender type
- Bonds and securitisationsStructure: notes or bonds
- Tenor
- Two to 40 years; all tranches mature on 3 November of 2028, 2029, 2031, 2033, 2036, 2046, 2056 and 2066
- Lenders and arrangers
- Joint book-running managers led by J.P. Morgan, UBS and Wells Fargo
- Use of proceeds
- General corporate purposes, which may include working capital, capital expenditures, share repurchases, acquisitions and repayment of existing debt
- Status
- Priced 29 October 2026; settlement expected 4 November 2026. Rated Aaa (Moody's) and AAA (S&P), both stable
- Region
- United States
- Notes
- Tranche sizes: FRN 2028 US$1.0bn, FRN 2029 US$1.0bn, 2028 US$2.0bn, 2029 US$3.25bn, 2031 US$3.25bn, 2033 US$2.5bn, 2036 US$4.0bn, 2046 US$2.0bn, 2056 US$4.0bn, 2066 US$2.0bn. Use of proceeds is not tied to data centres in the prospectus; recorded with the other hyperscaler bond packages.
Parties
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Sources
- Microsoft Corporation pricing term sheet (FWP), 29 October 2026Source date: 30 October 2026
- Microsoft Corporation preliminary prospectus supplement (424B2)Source date: 29 October 2026
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
