Apple Inc. filed a Free Writing Prospectus on November 5, 2026, disclosing final pricing terms for a multi-tranche debt offering with aggregate net proceeds of approximately $7.47 billion, including floating-rate and fixed-rate notes across several maturities.

Key Highlights

  • Total net proceeds: Approximately $7.47 billion after deducting underwriting discounts and offering expenses, according to the filing.
  • 2028 Floating Rate Notes: $500,000,000 principal, maturing November 9, 2028, bearing Compounded SOFR plus 0.33%, priced at 100.000%.
  • 2029 Floating Rate Notes: $750,000,000 principal, maturing November 9, 2029, bearing Compounded SOFR plus 0.45%, priced at 100.000%.
  • 2028 Fixed Rate Notes: $1,000,000,000 principal, 4.650% coupon, priced at 99.951%, yielding 4.676%, with a spread of 22 basis points over the benchmark Treasury.
  • Credit ratings: All tranches rated Aaa (stable) by Moody's and AA+ (stable) by Standard and Poor's, as disclosed in the filing.
  • Settlement date: November 9, 2026 (T+2), with trade date of November 5, 2026.
  • No early redemption: The floating-rate notes are not redeemable at the option of the issuer prior to maturity.

Apple's November 2026 Multi-Tranche Bond Offering: Pricing and Structure

According to the Free Writing Prospectus filed pursuant to Rule 433 under Registration No. 333-282937, Apple Inc. set final pricing terms for at least three tranches of notes. The two floating-rate tranches, the 2028 Floating Rate Notes and the 2029 Floating Rate Notes, each carry interest rates tied to Compounded SOFR with spreads of 0.33% and 0.45%, respectively. Interest on both tranches is paid quarterly in arrears on February 9, May 9, August 9, and November 9 of each year, commencing February 9, 2027. The day count convention for both floating-rate tranches is Actual/360.

The 2028 Fixed Rate Notes carry a coupon of 4.650% and were priced at 99.951% of par, producing a yield of 4.676%. The filing identifies the benchmark Treasury as the 4.625% note due October 31, 2028, with a yield of 4.456%, placing the spread at 22 basis points. Interest on the fixed-rate tranche is paid semi-annually in arrears on May 9 and November 9, beginning May 9, 2027, using a 30/360 day count convention. The filing notes that the issuer may, at its option, redeem the 2028 Fixed Rate Notes prior to maturity, in whole or in part.

The aggregate net proceeds figure of approximately $7.47 billion, as stated in the filing, applies across all notes offered pursuant to this Pricing Term Sheet. Joint book-running managers listed in the filing include Goldman Sachs and Co. LLC, BofA Securities Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., HSBC Securities (USA) Inc., and Morgan Stanley and Co. LLC. Co-managers include Academy Securities Inc., Drexel Hamilton LLC, Loop Capital Markets LLC, R. Seelaus and Co. LLC, Samuel A. Ramirez and Company Inc., and Siebert Williams Shank and Co. LLC. Denominations for all tranches are $2,000 and any integral multiple of $1,000 in excess thereof.

What Was Disclosed

Apple Inc. disclosed final pricing terms for a multi-tranche note offering via an Issuer Free Writing Prospectus dated November 5, 2026, covering floating-rate notes due 2028 and 2029, as well as 4.650% fixed-rate notes due 2028, with aggregate net proceeds of approximately $7.47 billion.