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Adobe to issue bonds
26 January 2010 , Written by Dhruv Tanwar
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Adobe Systems has announced the pricing of two series of senior unsecured notes for an aggregate principal amount of $1.5 billion.

The notes consist of the following tranches:
  • $600 million of 3.25 percent notes due February 2015
  • $900 million of 4.75 percent notes due February 2020
Adobe plans to use the net proceeds from this offering for general corporate purposes, including repayment of $1 billion in aggregate principal amount outstanding under Adobe’s credit facility, reported to be related to its $1.8 billion acquisition of Omniture Inc. Omniture makes software that helps track the effectiveness of web-advertising campaigns.

Adobe said it expects the offering to close on February 1, 2010.  Reports in the media indicated that the corporate bond market was starting to show signs of thawing after a period of reservations about earnings and the overall economic concerns about the global economy. The two tranches constitute Adobe's first-ever bond deal, which comes at a time when long-term issuers stand to gain from the 10-year treasury yield that is reported to be trading near year's lower levels at around 3.63%.
 

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