Simpson Thacher Advises on Apple’s $12 Billion Bond Offering
02.23.16
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Simpson Thacher represented the underwriters, led by Goldman, Sachs & Co., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated in connection with the registered public offering by Apple Inc. (NASDAQ: AAPL) of $12 billion aggregate principal amount of notes over nine tranches with maturities ranging from 2 to 30 years. The offering includes a $1.5 billion “green bond” tranche, Apple’s first such offering and the largest U.S. dollar “green bond” offering ever from a U.S. company, the net proceeds of which will be used to fund projects with the goal of (1) reducing Apple’s impact on climate change by using renewable energy sources and driving energy efficiency in its facilities, products and supply chain; (2) pioneering the use of greener materials in Apple’s products and processes and (3) conserving precious resources. The net proceeds from the remainder of the offering will be used for general corporate purposes, including repurchases of common stock and payment of dividends under Apple’s program to return capital to shareholders, funding for working capital, capital expenditures and acquisitions and repayment of debt.
The Simpson Thacher team for the offering included Kevin Kennedy, Dan Webb, Kelli Schultz and Colin Lloyd (Capital Markets); Jason Vollbracht and Tanvi Mirani (Tax); and Jennie Getsin and Andrew Pagliughi (Blue Sky).