RESOLVING THE LEDGER
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Advanced Micro Devices (NASDAQ: AMD) priced the largest bond offering in its history on Thursday -- $4.75 billion of senior notes, spread across four tranches maturing between 2029 and 2036.
The sale is more than triple the $1.5 billion the chipmaker raised in its last bond offering, in March 2025. And that sale had a specific job, helping fund the company's acquisition of server builder ZT Systems. This time, management says the proceeds are for "general corporate purposes, which may include the repayment of debt." In other words, no specific job at all.
A company usually borrows this much because it needs the money. AMD doesn't, at least not on paper. It ended its second quarter with $13.1 billion in cash and short-term investments, and it generated $2.4 billion in operating cash flow during the quarter alone.
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