NetApp Prices $2,000,000,000 of Senior Notes

NetApp, Inc. announced the pricing of $750,000,000 in aggregate principal amount of its 1.875% senior notes due 2025 that will bear interest at 1.875% per annum, $550,000,000 in aggregate principal amount of its 2.375% senior notes due 2027 that will bear interest at 2.375% per annum and $700,000,000 in aggregate principal amount of its 2.700% senior notes due 2030 that will bear interest at 2.700% per annum. The offering is expected to close, subject to the satisfaction of customary closing conditions, on June 22, 2020.

The company intends to use the net proceeds from this offering for general corporate purposes, including repayment of $500 million in aggregate principal amount of it’s outstanding 3.375% senior notes due 2021 (including accrued and unpaid interest and any make-whole payment thereon) on or prior to their maturity in June 2021 and repayment of outstanding borrowings under its existing commercial paper program.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers.