Microsoft Corporation filed a current report on November 4, 2026, disclosing that it entered into an Underwriting Agreement on October 29, 2026, for the issuance and sale of ten tranches of senior unsecured notes totaling $25,000,000,000 in aggregate principal amount, listed on NASDAQ:MSFT.

Key Highlights

  • Total offering size: Ten tranches of notes with combined aggregate principal of $25,000,000,000.
  • Largest single tranche: $4,000,000,000 of 5.550% Notes due 2036 and $4,000,000,000 of 6.250% Notes due 2056, each the largest individual fixed-rate issuances in the offering.
  • Two floating-rate tranches: $1,000,000,000 Floating Rate Notes due 2028 and $1,000,000,000 Floating Rate Notes due 2029; the Floating Rate Notes will not be redeemable at the company's option.
  • Underwriting representatives: J.P. Morgan Securities LLC, UBS Securities LLC, and Wells Fargo Securities, LLC acted as representatives for the several underwriters.
  • Governing indenture: Notes issued under the Base Indenture dated May 18, 2009, as supplemented by the Sixteenth Supplemental Indenture dated November 4, 2026, with The Bank of New York Mellon Trust Company, N.A. as trustee.
  • Senior unsecured ranking: According to the filing, the notes "will be the Company's senior unsecured obligations and will rank equally with the Company's other unsecured and unsubordinated debt from time to time outstanding."
  • Fixed rate interest payment schedule: Semi-annually in arrears on May 3 and November 3 each year, commencing May 3, 2027.

Microsoft's Ten-Tranche Debt Issuance: Terms and Structure

According to the filing, Microsoft Corporation entered into the Underwriting Agreement on October 29, 2026, covering ten separate series of notes. The fixed-rate tranches include $2,000,000,000 of 4.850% Notes due 2028, $3,250,000,000 of 5.000% Notes due 2029, $3,250,000,000 of 5.200% Notes due 2031, $2,500,000,000 of 5.350% Notes due 2033, $4,000,000,000 of 5.550% Notes due 2036, $2,000,000,000 of 6.150% Notes due 2046, $4,000,000,000 of 6.250% Notes due 2056, and $2,000,000,000 of 6.350% Notes due 2066. The two floating-rate tranches each carry a principal amount of $1,000,000,000, maturing on November 3, 2028, and November 3, 2029, respectively.

The filing states that interest on the Floating Rate Notes will be payable quarterly in arrears on February 3, May 3, August 3, and November 3 of each year, commencing February 3, 2027, to holders of record on the preceding January 18, April 18, July 18, and October 18. Interest on the Fixed Rate Notes will be payable semi-annually in arrears on May 3 and November 3, commencing May 3, 2027, to holders of record on the preceding April 18 and October 18. The company disclosed that the Fixed Rate Notes include optional redemption provisions described in the Prospectus Supplement, while the Floating Rate Notes will not be redeemable at the company's option.

The company disclosed that the notes were issued pursuant to the Base Indenture dated May 18, 2009, as supplemented by the Sixteenth Supplemental Indenture dated November 4, 2026, both between Microsoft and The Bank of New York Mellon Trust Company, N.A., as trustee. The offering was accompanied by a prospectus dated December 12, 2024, and a related prospectus supplement dated October 29, 2026, filed with the Securities and Exchange Commission. The report was signed by Brian B. DeFoe, Deputy General Counsel and Corporate Secretary, on November 4, 2026.

What Was Disclosed

Microsoft disclosed the terms of a ten-tranche senior unsecured note offering totaling $25,000,000,000 in aggregate principal, including the underwriting representatives, interest payment schedules, maturity dates ranging from 2028 to 2066, and the governing indenture details.