Advanced Micro Devices Announces $4.75B Senior Notes Offering

What Happened
Advanced Micro Devices, Inc. announced the closing of a public offering of $4.75 billion aggregate principal amount of senior notes on August 17, 2026. The offering consists of four series: $1.25 billion of 4.600% notes due 2029, $1.50 billion of 5.000% notes due 2031, $1.00 billion of 5.250% notes due 2033, and $1.00 billion of 5.500% notes due 2036. The notes are general unsecured senior obligations issued under the company’s Indenture (Base Indenture dated June 9, 2022, supplemented by a Third Supplemental Indenture dated August 17, 2026). The notes were sold to underwriters led by Barclays, BofA, Citi, J.P. Morgan, Morgan Stanley and Wells Fargo.

Key Details

• Total raised: $4.75 billion across four note series (2029, 2031, 2033, 2036).
• Interest rates and maturities: 4.600% (due 8/17/2029), 5.000% (due 8/17/2031), 5.250% (due 8/17/2033), 5.500% (due 8/17/2036).
• Use of proceeds: net proceeds for general corporate purposes, which may include repayment of debt.
• Features: notes are unsecured senior obligations; redemption provisions with specified par-call dates and formulas; Change of Control purchase right at 101% of principal; customary covenants limiting liens, certain sale-leaseback transactions and certain dispositions.

Why It Matters
This transaction raises $4.75 billion of fixed-rate debt, increasing AMD’s senior unsecured obligations and providing cash that the company may use for general corporate purposes, including debt repayment. Investors should note the fixed interest costs and the staggered maturities (2029–2036), which affect future interest expense and the company’s maturity schedule. The Indenture includes customary covenants and change-of-control protections that are material to bondholders and could influence the company’s financing flexibility.