Oracle Corporation filed an Issuer Free Writing Prospectus on November 2, 2026, disclosing final pricing terms for a five-tranche investment-grade notes offering totaling $10,000,000,000 in aggregate principal amount, with trade date November 2, 2026 and settlement date November 4, 2026.

Key Highlights

  • Five tranches, $10 billion total: The offering comprises $2,000,000,000 of 7.000% Notes due 2029, $1,750,000,000 of 7.450% Notes due 2031, $2,250,000,000 of 7.850% Notes due 2033, $2,500,000,000 of 8.000% Notes due 2037, and $1,500,000,000 of 8.650% Notes due 2046.
  • Pricing at or near par: Public offering prices range from 99.835% (2029 tranche) to 99.995% (2033 tranche) of principal amount, according to the filing.
  • Spreads to benchmark Treasuries: Spreads range from +240 basis points on the 2029 notes to +310 basis points on the 2037 notes, as stated in the pricing term sheet.
  • Settlement date: All tranches settle November 4, 2026 (T+2), per the filing.
  • Expected credit ratings: All tranches carry expected ratings of Baa2 (negative outlook) from Moody's, BBB- (stable) from S&P, and BBB (stable) from Fitch, according to the filing.
  • Global Coordinator: BofA Securities, Inc. is listed as Global Coordinator and Joint Book-Running Manager for all tranches.

Oracle Corporation's November 2026 Multi-Tranche Fixed Rate Notes: Terms and Structure

According to the filing, Oracle Corporation priced five series of fixed-rate investment-grade notes on November 2, 2026. The 2029 tranche carries a 7.000% coupon on $2,000,000,000 of principal, priced at 99.835% to yield 7.062%, at a spread of +240 basis points to the 4.875% benchmark Treasury due October 15, 2029. The 2031 tranche offers a 7.450% coupon on $1,750,000,000, priced at 99.942% to yield 7.464%, at +275 basis points to the 4.750% benchmark Treasury due October 31, 2031. The 2033 tranche carries a 7.850% coupon on $2,250,000,000, priced at 99.995% to yield 7.851%, at +305 basis points to the 4.875% benchmark Treasury due October 31, 2033.

The 2037 tranche, the largest by principal amount, carries an 8.000% coupon on $2,500,000,000, priced at 99.916% to yield 8.015%, at +310 basis points to the 4.625% benchmark Treasury due August 15, 2036. Its interest payment dates are February 4 and August 4, commencing February 4, 2027, distinguishing it from the other tranches, which pay on May 4 and November 4. The filing describes each tranche as subject to optional redemption, with make-whole redemption provisions prior to each tranche's respective par call date, and par redemption at 100% of principal amount on or after that date. Spreads used in make-whole calculations range from +40 basis points for the 2029 notes to +50 basis points for the 2033 notes, per the filing.

The filing states that all notes are denominated in minimum amounts of $2,000 and multiples of $1,000 thereafter, under a 30/360 day count convention. The offering was filed pursuant to Rule 433 under Registration No. 333-299752. A broad syndicate of joint book-running managers and co-managers is listed, including Wells Fargo Securities, LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Goldman Sachs and Co. LLC, and others. The filing notes that expected ratings are not a recommendation to purchase, hold, or sell the notes and may be subject to revision.

What Was Disclosed

Oracle Corporation filed a final pricing term sheet for a five-tranche fixed-rate notes offering totaling $10,000,000,000, with coupons from 7.000% to 8.650%, maturities from 2029 to 2046, and a settlement date of November 4, 2026.