Alphabet Inc. has completed a major debt offering, raising a total of $27.5 billion through simultaneous issuances of U.S. dollar- and British pound sterling-denominated senior notes. This marks one of the largest bond sales in the technology sector, reflecting Alphabet’s ongoing strategy to secure long-term financing amid a dynamic interest rate environment.
The offering includes multiple tranches with staggered maturities extending as far as 100 years, providing Alphabet with a diversified debt maturity profile. The proceeds will bolster the company’s financial flexibility, supporting ongoing investments and capital allocation priorities.
Key details of the debt offering:
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Total amount raised: $20 billion in U.S. dollar-denominated notes and £5.5 billion (approximately $7.5 billion) in sterling-denominated notes, totaling roughly $27.5 billion.
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Sterling notes breakdown:
- £750 million at 4.125% interest, maturing in 2029
- £1.25 billion at 4.625%, maturing in 2032
- £1.25 billion at 5.5%, maturing in 2041
- £1.25 billion at 5.875%, maturing in 2058
- £1 billion at 6.125%, maturing in 2126 (100-year maturity)
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U.S. dollar notes breakdown:
- $2.5 billion at 3.7%, maturing in 2029
- $3 billion at 4.1%, maturing in 2031
- $3 billion at 4.4%, maturing in 2033
- $4.25 billion at 4.8%, maturing in 2036
- $1.5 billion at 5.5%, maturing in 2046
- $4 billion at 5.65%, maturing in 2056
- $1.75 billion at 5.75%, maturing in 2066
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Maturity profile: The notes span short-, medium-, and very long-term maturities, with the longest sterling note extending to 2126, reflecting a century-long debt instrument.
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Interest rates: Coupon rates range from 3.7% to 6.125%, reflecting the varying maturities and market conditions at issuance.
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Issuance structure: The notes were issued under an existing indenture with The Bank of New York Mellon Trust Company serving as trustee.
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Settlement date: The notes closed on February 13, 2026.
Implications for investors:
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Alphabet’s large-scale debt issuance at multiple maturities enhances its capital structure flexibility, allowing it to lock in financing costs across different interest rate environments.
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The inclusion of ultra-long-dated debt (notably the 100-year sterling notes) signals confidence in the company’s long-term financial strength and willingness to access diverse investor bases.
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The coupon rates, particularly on longer maturities, are relatively high compared to recent tech sector issuances, reflecting current market interest rates and investor appetite for long-duration corporate bonds.
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This debt offering does not involve any change in control or ownership but increases Alphabet’s outstanding debt load, which investors should consider in the context of the company’s cash flow generation and investment plans.
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The proceeds provide Alphabet with substantial liquidity to support ongoing innovation, capital expenditures, share repurchases, or other strategic initiatives without immediate refinancing pressure.
Overall, Alphabet’s $27.5 billion bond sale is a significant capital markets event that strengthens its financial position with a well-diversified debt maturity schedule and access to both U.S. and international fixed income investors.