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Google Sells $3 Billion of Bonds in ‘Home Run’ Debut Offering

Google Inc. made its first foray into the bond market with a $3 billion sale to pay back short-term borrowings at relative yields comparable to companies with the highest credit grade.

The bond sale was “a home run for Google,” said Lon Erickson, a money manager at Thornburg Investment Management Inc. in Santa Fe, New Mexico, who oversees $9 billion. “The big pile of cash on the balance sheet and continued cash generation makes people plenty comfortable to own that debt.”