Apple Sells $12 Billion of Bonds to Preserve Overseas Cash Hoard
This article is for subscribers only.
Apple Inc. issued $12 billion of dollar-denominated bonds as the iPhone maker seeking to reward shareholders locked in a cheaper alternative than overseas cash that’s subject to repatriation taxes.
The sale included $2.5 billion of 3.45 percent, 10-year notes that pay 77 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The spread was less than the approximately 90 basis points that was marketed earlier today, according to a person with knowledge of the transaction.