Apple raises $2.5bn in investments from first Maple bonds
Apple Inc.’s borrowing continues to expand to new countries as the company tapped into the Maple bond market for the first time, raising a record C$2.5bn in investment in Canada.
Investors snapped up the chance to purchase AA+ rated securities in the world’s largest publicly listed company.
The $2.5bn issue is the largest single tranche Maple bond issue, almost twice that of the previous record that Anheuser-Busch held at $1.3bn.
Following the investment, Apple’s shares closed at an all-time high of US$161.60, with HBSC Canada’s Head of Debt Capital Markets Bradley Meiers attributing the astounding success of this to Apple’s unparalleled stature within Canada.
“We have lots of good companies but not the quality of this issuer,” he said.
The debt financing is Apple’s sixth of the year, with plans to use the proceeds for no specific purpose but for general financing such as share buybacks and quarterly dividends, with most of its cash hordes of US$261.5bn held outside of the US.