Apple Inc. (AAPL) paid $23.9 million in fees to underwriters led by Goldman Sachs Group Inc. and Deutsche Bank AG (DBK) for the iPhone maker’s $12 billion bond offering this week, a year after the banks led its record-setting offering.
Goldman Sachs, which underwrote 64 percent of the sale according to a regulatory filing, would get $15.3 million if commissions are divided in proportion to firms’ involvement.
The fees amount to 0.199 percent of the funds raised, down from the 0.313 percent charged on the company’s $17 billion offering last year. The fee is less than half the average 0.461 percent paid this year on offerings of investment-grade U.S. corporate bonds, excluding self-led deals, data compiled by Bloomberg show.
Deutsche Bank managed 20 percent of the offering, according to the filing. That would entitle the Frankfurt-based lender to about $4.8 million of a proportionally divided fee pool. Other banks in the April 29 deal were JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC), Barclays Plc, Citigroup Inc. (C) and Wells Fargo & Co., the filing shows.
Goldman Sachs’s share was reduced from 72 percent in last April’s deal, where it collected about $38.3 million in fees, and Deutsche Bank’s piece was increased from 17.5 percent, according to a filing at the time. Apple maintained the same roster of underwriters compared to its last sale, with the exception of adding Wells Fargo and dropping Standard Chartered Plc. Fees totaled $53.3 million on the 2013 deal.
Michael DuVally, a Goldman Sachs spokesman, and Mayura Hooper, a Deutsche Bank spokeswoman, declined to comment on the fees. A call after regular business hours to Ashia Razzaq, a spokeswoman at Standard Chartered, wasn’t immediately returned.
To contact the editors responsible for this story: Shannon D. Harrington at email@example.com Mitchell Martin, Richard Bravo