VISA INC. 8-K

What Happened

• Visa Inc. announced on February 3, 2026 (underwriting agreement) and issued on February 12, 2026, four tranches of unsecured senior notes totaling $3.0 billion: $900M 3.800% due 2029, $750M 4.100% due 2031, $700M 4.400% due 2033 and $650M 4.700% due 2036.
• The notes were offered under the company’s S-3 shelf registration and issued under the company’s existing indenture (dated December 14, 2015) with U.S. Bank Trust Company, N.A. as trustee. Interest is paid semi‑annually (Feb 12 and Aug 12), beginning August 12, 2026.

Key Details

• Aggregate principal: $3,000,000,000 (four tranches: $900M, $750M, $700M, $650M).
• Coupon rates and maturities: 3.800% (2/12/2029), 4.100% (2/12/2031), 4.400% (2/12/2033), 4.700% (2/12/2036).
• Public offering prices: ~99.74%–99.89% of par (issued at a slight discount).
• Optional redemption: make-whole calls prior to specified dates (2029 & 2031 tranches: Treasury rate + 5 bps; 2033 & 2036 tranches: Treasury rate + 10 bps); callable at par thereafter.

Why It Matters

• This issuance increases Visa’s outstanding long‑term debt and fixes interest costs on $3.0B of borrowings through 2029–2036. For investors, that can affect leverage, interest expense and credit metrics reported in future filings.
• The coupons and maturities provide insight into Visa’s cost of borrowing and maturity ladder; the notes are unsecured and include customary default provisions. Retail investors should watch Visa’s subsequent use of proceeds disclosures and quarterly reports for impacts on cash flow and leverage.