Apple to price fixed-rate and floating-rate notes in six parts

By Devika Patel

Knoxville, Tenn., May 4 – Apple Inc. intends to offer notes (AA+) in six tranches, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be sold in four fixed-rate tranches and two floating-rate tranches, with one of the fixed-rate and one of the floating-rate tranches due in 2020, one of the fixed-rate and one of the floating-rate tranches due in 2022, a fixed-rate tranche due in 2024 and a fixed-rate tranche due in 2027.

The 2020 fixed-rate notes have a make-whole call. The remaining fixed-rate portions will have make-whole calls and par calls. The floaters will be non-callable.

Goldman Sachs & Co., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used for general corporate purposes, including stock repurchases and dividend payments, working capital, capital expenditures, acquisitions and debt repayment.

The computer, mobile communication and media devices company is based in Cupertino, Calif.

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