Nvidia Prices $25 Billion Seven‑Tranche Bond Sale

Overview

• Nvidia priced the $25 billion bond offering in a rapid, roadshow-free ‘drive-by’ on June 15 that drew about $85 billion of investor orders and was split into seven tranches with maturities from roughly two to 30 years.
• The company said proceeds are for general corporate purposes and refinancing, and the new notes will raise reported outstanding debt from roughly $8.5 billion to near $30 billion once the deal settles.
• Underwriters including JPMorgan, Goldman Sachs and Morgan Stanley ran the book and placed the sale without customary marketing because strong recent results and share‑holder actions made demand unusually certain.
• Investor appetite was driven by Nvidia’s blockbuster quarter — $81.62 billion revenue and $1.87 EPS — plus a jump in shareholder returns, including a higher quarterly dividend and an $80 billion buyback plan.
• The borrowing lowers Nvidia’s weighted-average cost of capital, creates a long-dated borrowing benchmark for the company, and supports its expanding role in European AI projects such as Mistral, a Paris-area data-center consortium, and the Helix infrastructure vehicle.