Workday Prices $2.5B Four-Tranche Senior Notes Offering at 5.70%–6.50%
WDAY sits 83% above its 52-week low of $110.36.
Summary
Workday finalized pricing on $2.5 billion of senior notes across four tranches (2029–2036) at coupons of 5.70%–6.50%, with proceeds aimed at retiring its $1.0 billion 3.500% notes. Investment-grade rated and non-dilutive to equity.
Key Events · Financing and Capital Events · WDAY
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Four-Tranche Notes Priced at $2.5B
The offering breaks down as $750M 5.700% due 2029, $500M 6.000% due 2031, $750M 6.300% due 2033, and $500M 6.500% due 2036, all senior unsecured.
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Investment-Grade Ratings Assigned
Rated BBB+ by S&P and Baa1 by Moody's, supporting tighter spreads of 82–145 basis points over Treasuries.
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Proceeds to Retire 3.500% Notes
Net proceeds are earmarked to repay the $1.0 billion of 3.500% notes, refinancing low-coupon debt at higher current rates.
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Settlement October 23, 2026
Trades settle T+2; interest pays semi-annually beginning April 23, 2027, with make-whole calls ahead of par call dates.
Analysis · WDAY · Technology
Workday has locked in $2.5 billion of new debt across four maturities, paying 5.70% on the 2029 notes up to 6.50% on the 2036s. That investment-grade pricing (BBB+/Baa1) is cheap relative to what a leveraged or lower-rated issuer would pay. Proceeds are earmarked to retire the $1.0 billion of 3.500% notes, so the net effect is a modest increase in absolute debt but a higher blended coupon, adding roughly $100M+ of annual interest expense versus the retired notes. For equity holders this is balance-sheet work, not dilution — no shares are issued. The larger read-through is strategic: the company is terming out debt and keeping its revolver ($1.5B, replaced October 1) undrawn while a reported Silver Lake take-private process is underway, which preserves financing flexibility for either path.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 29.4% of the 1560 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.47%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, WDAY was trading at $202.20 on NASDAQ in the Technology sector, with a market capitalization of approximately $48.9B. 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.