Microsoft Prices $25.0B Ten-Tranche Senior Notes Offering
MSFT sits 59% above its 52-week low of $349.2 on elevated volume (2.1× avg).
Summary
Microsoft sold $25.0 billion of senior unsecured notes across ten tranches, from 2028 floating-rate notes to 6.350% notes due 2066, settling November 4, 2026. It is debt financing with no equity dilution.
Key Events · Financing and Capital Events · MSFT
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Ten-Tranche $25.0B Debt Offering
An underwriting agreement dated October 29, 2026 covers $1.0B 2028 floaters, $2.0B 4.850% 2028s, $1.0B 2029 floaters, $3.25B 5.000% 2029s, $3.25B 5.200% 2031s, $2.5B 5.350% 2033s, $4.0B 5.550% 2036s, $2.0B 6.150% 2046s, $4.0B 6.250% 2056s and $2.0B 6.350% 2066s.
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Long-Dated Coupons Above 6%
The 2046, 2056 and 2066 tranches carry 6.150%, 6.250% and 6.350% respectively, while the 2028 floaters price at Compounded SOFR plus 35 basis points and the 2029 floaters at SOFR plus 53 basis points.
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No Equity Dilution
The notes are senior unsecured obligations ranking equally with Microsoft's other unsecured and unsubordinated debt; no common shares are issued or sold.
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Settlement November 4, 2026
Notes were issued under the Sixteenth Supplemental Indenture dated November 4, 2026 with The Bank of New York Mellon Trust Company as trustee, with closing at 9:30 a.m. New York time that day.
Analysis · MSFT · Technology
Microsoft is borrowing $25.0 billion in a single stroke across ten maturities, from 2028 floaters to 6.350% notes due 2066. The long end is expensive — 6.250% for 2056 and 6.350% for 2066 — a steep curve that the company chose to lock in anyway. This is debt, not equity: no share count change and no dilution, but it does add senior unsecured obligations ranking equally with existing unsecured debt. Against $39.4B of quarterly capex reported in the Q1 FY27 10-Q, the raise reads as funding for the AI infrastructure build rather than a balance-sheet repair. The filing does not state use of proceeds.
How filings like this one have moved
In the 30 days to Nov 4, 2026, 32.4% of the 2199 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, MSFT was trading at $556.18 on NASDAQ in the Technology sector, with a market capitalization of approximately $4.1T. The 52-week trading range was $349.20 to $559.15. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.