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Amazon Borrows $18.5 Billion It Doesn’t Need in New Debt Sale

  • Company sold bonds in eight parts, including 40-year debt
  • High-grade firms capitalizing on spreads at three-year lows
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Amazon Tees Up Jumbo Eight-Part Bond Sale
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Amazon.com Inc. sold bonds to refinance debt and buy back stock, as cheap borrowing costs prove too tempting to resist even for a company with tens of billions of dollars in cash.

The online retail giant issued $18.5 billion of debt in eight parts. The longest portion, a 40-year security, yields 95 basis points over Treasuries, after initial price talk at around 115 basis points, said the people, according to people with knowledge of the matter, who asked not to be identified because the details are private.