Mikey Campbell
The U.S. Securities and Exchange Commission on Monday published Apple's official european debt filing, which looks to take advantage of low European interest rates to raise $3.5 billion, or 2.8 billion euros.
Outlined in the securities statement, Apple's first non-dollar bonds — split between eight-year bonds and 12-year bonds — begin to accrue interest today, with annual payments to occur on Nov. 10 starting next year. This also means the eight-year bond's principal payment date is slated for Nov. 10, 2022.
During a conference call with investors last week, Apple announced yields of 1.082 percent for eight-year bonds and 1.671 percent for 12-year bonds, some of the lowest rates in history.
Goldman, Sachs & Co. is listed as representative for six other underwriters in the prospectus and also accounts for the highest volume of securities to be purchased at 700 million euros for each set of notes.
As seen in the breakdown above, Deutsche Bank AG's London office will handle 350 million euros for both 2022 and 2026 notes, while other players include Barclays Bank, J.P. Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith, Citigroup Global Markets Limited and Credit Suisse Securities.
AppleInsider Staff
Malcolm Owen
Oliver Haslam
Andrew O'Hara
Wesley Hilliard
William Gallagher
Christine McKee
7 Comments
Mikey Campbell is violating Edgar Online's copyright by posting that PDF to Scribd.
He should get ahold of the original document from the SEC instead or simply describe the contents of the document.
If found in violation of copyright, this site could be sued and disappear in short order.
Mikey Campbell is violating Edgar Online's copyright by posting that PDF to Scribd.
He should get ahold of the original document from the SEC instead or simply describe the contents of the document.
If found in violation of copyright, this site could be sued and disappear in short order.
As a government (i.e., taxpayer-funded) document, does it have the same copyright protection? I don't know, I am asking....
However, it's certainly not in good taste to just cut and paste without proper attribution, regardless of source.
Curious, can Apple bring funds raised through European bonds to the U.S. without paying taxes on those funds?
As a government (i.e., taxpayer-funded) document, does it have the same copyright protection? I don't know, I am asking....
The document is not taxpayer funded (specifically, it is not prepared by an employee of the Federal Government). It is prepared by Apple and its agents. You can argue that certain information is not a creative work (say, the tables of numbers) and therefore not subject to copyright, but you cannot say that about the document as a whole.
http://www.pattishall.com/pdf/8-17-10_Copyright_Infringement_in_Edgar_Docs_Blog_Post.pdf
[quote name="Stenar" url="/t/183348/apple-details-3-5-billion-european-bond-interest-accrual-starts-nov-10#post_2637765"]Curious, can Apple bring funds raised through European bonds to the U.S. without paying taxes on those funds?[/quote] As I understand it: yes, as long as U.S.-based income is used to repay the debt. In other words, Apple's foreign (tax-deferred) cash cannot be used to repay it, since the debt was issued by Apple and not its foreign subsidiaries. Essentially, Apple would not be able to use it for anything that looks remotely like it could be a tax dodge.