Oracle Sells $15 Billion of Debt, Drawing Two Credit Rating Cuts

yahoo2021-03-23

(Bloomberg) -- Oracle Corp. sold $15 billion of bonds Monday in the second-largest offering this year, drawing downgrades from Fitch Ratings and Moody’s Investors Service. While the proceeds will ...

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Comments

xinyan
2021-03-23
xinyan
noted
Kel26
2021-03-23
Kel26
Cannot make it
wijaya
2021-03-23
wijaya
Ok
- Ericssonchan:
  Ok
尼克纳米
2021-03-23
尼克纳米
Ok

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Fitch cut the grade one notch to BBB+, three steps above speculative. Moody’s downgraded two levels to Baa2, one notch lower than Fitch’s rating.\nThe company’s bonds were among the worst performers in the high-grade market Monday. The most actively traded, the 3.6% bonds due 2050, widened 31 basis points to about 144 basis points over Treasuries, according to Trace. The new bonds due 2051 priced at a spread of 155 basis points, according to a person with knowledge of the matter.\nThe downgrades “may raise new-issue concessions high enough to attract considerable demand,” Bloomberg Intelligence analysts Robert Schiffman and Suborna Panja said in a report before the deal launched. Oracle’s shares were little changed.\nSecond Biggest\nAt $15 billion, Oracle’s bond sale is the second-largest this year behind Verizon Communications Inc., which borrowed $25 billion earlier this month to help finance spectrum purchases. Apple Inc. issued $14 billion of bonds last month as it looks to return more cash to shareholders.\nOracle is targeting all of its $1.5 billion of notes due 2021, the $4.25 billion of 1.9% bonds due 2021 and another $2.5 billion due 2022, according to a filing. The proceeds may also be used for stock repurchases, dividends, repaying debt and future acquisitions, among other general corporate purposes.\nThe software company sold bonds in six parts, and the longest, a 40-year security, will yield 170 basis points above Treasuries, said the person, who asked not to be identified as the details are private. 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