Workday Launches Four-Tranche Senior Notes Offering to Refinance $1.0B of 2027 Notes
WDAY sits 84% above its 52-week low of $110.36.
Summary
Workday launched a four-tranche senior notes offering, with proceeds earmarked to retire its $1.0 billion of 3.500% notes due April 2027 and the rest for general corporate purposes. Size, coupons and maturities are still blank pending pricing.
Updates
· SEC FWP — Workday priced $2.5B of senior notes: $750M 5.700% due 2029, $500M 6.000% due 2031, $750M 6.300% due 2033 and $500M 6.500% due 2036, settling Oct. 23, 2026.
Key Events · Financing and Capital Events · WDAY
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Four-Tranche Senior Notes Offering Launched
A preliminary prospectus supplement dated October 21, 2026 covers four series of senior unsecured notes; principal amounts, coupons and maturities are left blank pending pricing. Morgan Stanley, BofA Securities, Barclays and Wells Fargo Securities are joint book-running managers.
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Proceeds Target $1.0B 2027 Maturity
Net proceeds will redeem, repay, repurchase or otherwise retire the $1.0 billion of 3.500% notes due April 1, 2027 at or before maturity. Any remainder goes to general corporate purposes, which may include working capital, capex, acquisitions and share repurchases.
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Leverage Profile After Refinancing
At July 31, 2026, Workday had $3.0 billion of total debt and $3.4 billion of cash plus marketable securities, with no secured borrowings. The new notes are unsecured and structurally subordinated to roughly $2.4 billion of subsidiary liabilities.
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Change of Control Put at 101%
Holders can require repurchase at 101% of principal plus accrued interest on a Change of Control Triggering Event, defined as a change of control plus a ratings downgrade below investment grade by at least two agencies. The indenture carries only limited lien and sale-leaseback covenants and no financial covenants.
Analysis · WDAY · Technology
Workday is tapping the investment-grade debt market with a four-tranche senior unsecured note sale, primarily to retire the $1.0 billion of 3.500% notes due April 1, 2027 before maturity. This is a liability-management exercise, not a cash-raising lifeline: the company had $3.4 billion of cash and marketable securities at July 31, 2026 against $3.0 billion of total debt, and the new $1.5 billion revolver signed October 1, 2026 is undrawn. Size, coupons and maturities are all left blank in this preliminary supplement, so the real read comes at pricing. A term-out that pushes the 2027 maturity into longer-dated paper modestly reduces near-term refinancing risk, but it also adds fixed-rate interest expense and comes amid a reported Silver Lake take-private process, where a Change of Control Triggering Event would require a 101% put.
How filings like this one have moved
In the 30 days to Oct 23, 2026, 29.4% of the 1556 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.19%. 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, WDAY was trading at $203.22 on NASDAQ in the Technology sector, with a market capitalization of approximately $49.2B. The 52-week trading range was $110.36 to $247.40. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.