Microsoft 2016 Notes

Microsoft Corporation
$19.75 billion

Co-Manager
1.10% Notes due 2019
1.55% Notes due 2021
2.00% Notes due 2023
2.40% Notes due 2026
3.45% Notes due 2036
3.70% Notes due 2046
3.95% Notes due 2056

On August 1, 2016, Siebert Cisneros Shank participated as a co-manager on Microsoft Corporation’s 7-part $19.75 billion benchmark debt offering. The use of proceeds was designated for its acquisition of LinkedIn Corporation, as well as general corporate purposes. From initial price thoughts to final pricing, spreads tightened by 20 basis points on all tranches. The total order book size on the transaction was over $50 billion. The transaction settled on August 8, 2016. All tranches were trading tighter in the secondary market following issuance.