Nvidia is heading back to the bond market for the first time since 2021, and it’s not being subtle about it. The company is looking to raise up to $25 billion in investment-grade debt, a figure that dwarfs its previous outing by a factor of five.
The deal structure
The offering will be split across seven tranches with maturities stretching from 2 to 30 years. The longest-dated notes are expected to price at roughly 90 basis points over Treasuries.
Goldman Sachs, JPMorgan, and Morgan Stanley are running the books.
Early order books reportedly topped $85 billion, meaning investors showed up with more than three times the amount Nvidia is actually looking to borrow.
