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- Mar 11, 202690% CONFIDENCEfrom the source
Salesforce Prices $25 Billion of Bonds to Fund a Record Buyback
- Salesforce priced an underwritten offering of $25 billion of senior notes, expected to close on March 13, 2026, with J.P. Morgan, BofA, Barclays, Citigroup and Wells Fargo as joint book-runners[1]
- The eight tranches were $3.5 billion of 4.500% notes due 2028, $4.25 billion of 4.650% due 2029, $3.75 billion of 4.900% due 2031, $2.75 billion of 5.200% due 2033, $4.5 billion of 5.550% due 2036, $1.5 billion of 6.400% due 2046, $3.75 billion of 6.550% due 2056 and $1 billion of 6.700% due 2066[3]
- All of the roughly $24.885 billion of net proceeds were to fund $25 billion of accelerated share repurchase agreements signed right after pricing, with prepayment and initial share delivery set for March 16[1][3]
- The same day Salesforce took a $6 billion five-year term loan to refinance the loans it had drawn for Informatica[3]
- Buyers demanded more yield than in Salesforce's earlier deals: the 10-year tranche priced about 1.35 percentage points over Treasurys[4]; S&P Global later lowered Salesforce's credit rating because of the added leverage[2]
References 587% CONFIDENCE
The first entry is always the pin's source. Overall confidence is a weighted average of how firmly each reference supports the start and end times used above; a reference counts half as much for every 180 days older than the newest.
- [1]90%salesforce.com/news/press-releases/2026/03/11/salesforce-prices-public-offering-of-senior-notessalesforce.com· Posted Sep 24, 2026· Starts Mar 11, 2026 ✓· 35% of score
The release is datelined "SAN FRANCISCO—March 11, 2026" and the Business Wire copy is stamped "Mar 11, 2026 5:48pm EDT".
- [2]78%Salesforce issues $25 billion in debt to buy back stock. Should we be concerned? (CNBC)cnbc.com· Published Mar 20, 2026· 17% of score
Notes that S&P Global lowered Salesforce's[1] credit rating because of the added leverage.
- [3]95%Salesforce Form 8-K (March 12, 2026)sec.gov· Published Mar 12, 2026· 16% of score
The underwriting agreement of March 11: eight tranches, coupons from 4.500% (2028) to 6.700% (2066), about $24.885B net proceeds, all for the ASR.[1]
- [4]75%Salesforce Taps Bonds for Buybacks as Investors Demand More Yield (Zacks via Yahoo Finance)finance.yahoo.com· Published Mar 12, 2026· 16% of score
Demand was weaker than expected and the 10-year tranche priced about 1.35 percentage points over Treasurys, wider than in 2021.[1]
- [5]92%Salesforce Prices Public Offering of Senior Notes (Business Wire via Nasdaq)nasdaq.com· Published Mar 11, 2026· 16% of score
The Business Wire copy, published Mar 11, 2026 5:48pm EDT, the time the pin uses.[1]
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