Google Borrows $1 Billion With First Bond Sale in Three Years

Google Inc. sold bonds for the first time in three years, borrowing funds to refinance $1 billion of maturing debt even after its cash hoard swelled to a record of more than $60 billion.

The owner of the world’s largest search engine issued 3.375 percent, 10-year notes that yield 62.5 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. Proceeds may be used to repay the company’s $1 billion of 1.25 percent notes due May 19, Mountain View, California-based Google said today in a regulatory filing.