Adobe prices $1.5 billion in debt

Mon, 01/25/2010 - 4:01pm
The Associated Press

Adobe Systems Inc., a software company best known for its Adobe Reader and the PDF document format, said Monday it priced $1.5 billion in new notes, most of which will go to paying down its existing debt.

The notes are to be issued in two batches: $600 million with a 3.25 percent interest rate maturing in February 2015, and $900 million with a 4.75 percent interest rate maturing in February 2020.

Adobe said it intends to use the net proceeds of the sale to repay $1 billion outstanding on its credit facility and use the rest for general corporate purposes.

The offering is expected to close Feb. 1.

Adobe shares closed down 22 cents at $34.16 on Monday and slipped another 81 cents to $33.35 in after-market dealings.


Share this Story

You may login with either your assigned username or your e-mail address.
The password field is case sensitive.