Business News
Google launches first ever bond
May 16, 2011, 19:16 GMT
San Francisco - Web software giant Google issued its first ever bond Monday hoping to take advantage of record low interest rates to add to its huge financial stockpile.
In a filing with the Securities and Exchange Commission Google said that its 3-billion-dollar bond offering would be split into three equal portions of three-, five- and ten-year debt. Interest margins range between 0.33 per cent above Treasury rates for the three year bond to 0.58 per cent above treasuries for the ten-year issue.
Google already has 35 billion dollars in cash and liquid assets, and analysts said that the new funding would probably be used for expansion under new CEO Larry Page who took over the company last month.
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