February 24, 2014 / 6:51 PM / 4 years ago

Cisco launches biggest high-grade bond of the year

NEW YORK, Feb 24 (IFR) - Cisco Systems is set to raise US$8 billion from a seven-tranche bond - the biggest investment-grade bond deal of the year. It is also the second largest bond issued by a technology company after Apple’s US$17 billion deal in 2013, according to IFR data.

Cisco’s bond includes three floating-rate notes maturing in 18-months, three-years and five-years, and four fixed-rate notes maturing in three-years, five-years, seven-years and 10-years.


US$850 million 18-month FRN at 3mL+5bp

US$2.4 billion three-year fixed at Treasuries plus 40bp

US$1 billion three-year FRN at 3mL+28bp

US$1.75 billion five-year fixed at Treasuries plus 60bp

US$500 million five-year FRN at 3ML+50bp

US$500 million seven-year at Treasuries plus 75bp

US$1 billion 10-year at Treasuries plus 90bp

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