Microsoft Prepares to Raise Up to $25 Billion in Multi-Tranche Bond Offering

Microsoft Corp. is preparing to raise at least $25 billion through a 10-tranche U.S. investment-grade bond sale, marking its first debt issuance since 2017. Managed by JPMorgan Chase, UBS Group, and Wells Fargo, the offering features maturities spanning two to 40 years, with initial spread guidance ranging between 50 and 135 basis points over U.S. Treasuries. Proceeds are intended to fund accelerating artificial intelligence infrastructure capital expenditures, share repurchases, working capital, and refinancing. The offering comes as investors scrutinize heavy tech debt issuances, with Microsoft expecting positive free cash flow through fiscal 2027.