Alphabet’s $10 Billion Bonds Offering

Cleary Gottlieb represented Alphabet Inc. in the transaction. Davis Polk advised the joint book-running managers on the offering.

Alphabet Inc., the parent company of Google LLC and one of the world’s most valuable public companies, executed an SEC-registered offering of $1,000,000,000 aggregate principal amount of 0.450% senior notes due 2025, $1,000,000,000 aggregate principal amount of 0.800% senior notes due 2027, $2,250,000,000 aggregate principal amount of 1.100% senior notes due 2030, $1,250,000,000 aggregate principal amount of 1.900% senior notes due 2040, $2,500,000,000 aggregate principal amount of 2.050% senior notes due 2050 and $2,000,000,000 aggregate principal amount of 2.250% senior notes due 2060.

The $5.75 billion that Alphabet issued in sustainability bonds is the largest by any company to date. The proceeds from the sustainability bonds are intended to be used for Google’s various environmental and social initiatives, including projects promoting energy efficiency, clean energy, green buildings, clean transportation, circular economy and design, affordable housing, commitment to racial equity and support for small businesses and COVID-19 crisis response.

Goldman Sachs & Co. LLC, J.P. Morgan, and Morgan Stanley acted as representatives of the underwriters.

Alphabet is based in Mountain View, California. This transaction was Alphabet’s third and largest capital raising capital markets transaction since the holding company reorganization that was implemented on October 2, 2015.

The Cleary corporate team representing Alphabet included partner Jeffrey Karpf (Picture) and associates Shuangjun Wang and Katherine Van Bramer. Partner Corey Goodman, associate Lorenz Haselberger and law clerk Hunter McWinn provided tax advice. Partner Daniel Ilan and associate Claire Halleland provided IP advice.

The Davis Polk corporate team included partner Alan F. Denenberg, counsel Jason Bassetti and associate Paula Gergen. Partner Michael Farber and associate Talya Presser provided tax advice. Partner Frank J. Azzopardi and associate Yifu Chen provided intellectual property advice.

Involved fees earner: Corey Goodman – Cleary Gottlieb Steen & Hamilton; Claire Halleland – Cleary Gottlieb Steen & Hamilton; Lorenz Haselberger – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; Katherine Van Bramer – Cleary Gottlieb Steen & Hamilton; Shuangjun Wang – Cleary Gottlieb Steen & Hamilton; Frank Azzopardi – Davis Polk & Wardwell; Jason Bassetti – Davis Polk & Wardwell; Yifu Chen – Davis Polk & Wardwell; Alan Denenberg – Davis Polk & Wardwell; Michael Farber – Davis Polk & Wardwell; Paula Gergen – Davis Polk & Wardwell; Talya Presser – Davis Polk & Wardwell;

Law Firms: Cleary Gottlieb Steen & Hamilton; Davis Polk & Wardwell;

Clients: Alphabet Inc.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Morgan Stanley;

Author: Ambrogio Visconti