Analog Devices issues $3 billion in senior notes across four tranches

Analog Devices, Inc. (ADI) issued $3 billion aggregate principal amount of senior notes across four distinct tranches, according to a regulatory filing on Wednesday.

Key takeaways

• The offering totals $3 billion across four separate tranches of senior notes.
• The 2029 notes carry an interest rate of 5.100% per annum.
• The 2031 notes bear interest at a rate of 5.350% per annum.
• The 2033 notes pay an interest rate of 5.600% per annum.
• The 2036 notes carry an interest rate of 5.750% per annum.

Note terms and tranches

The company issued the debt under an effective registration statement filed with the Securities and Exchange Commission. The offering consists of $500 million of 2029 notes due Sept. 15, 2029, $500 million of 2031 notes due Oct. 1, 2031, $1 billion of 2033 notes due Oct. 1, 2033, and $1 billion of 2036 notes due Oct. 1, 2036. The notes are unsecured and unsubordinated obligations of the company and rank equally in right of payment with all existing and future unsecured senior indebtedness.

The notes were sold in an underwritten public offering pursuant to an underwriting agreement dated Sept. 15, 2026, with J.P. Morgan Securities LLC acting as representative of the several underwriters. The debt was issued pursuant to an indenture dated June 3, 2013, as supplemented by a supplemental indenture dated Sept. 17, 2026, between the company and The Bank of New York Mellon Trust Company, N.A., as trustee. The notes are not guaranteed by any of the company subsidiaries.

Interest payments and redemption

Interest on the 2029 notes is payable semi-annually in arrears on Sept. 15 and March 15 of each year, beginning March 15, 2027. Interest on the 2031 notes, 2033 notes, and 2036 notes is payable semi-annually on Oct. 1 and April 1 of each year, beginning April 1, 2027.

The company may redeem the notes prior to their respective par call dates at a redemption price based on remaining scheduled payments discounted to the redemption date at the Treasury rate plus a specific spread. The spread is 10 basis points for the 2029 notes, 10 basis points for the 2031 notes, 15 basis points for the 2033 notes, and 15 basis points for the 2036 notes. The par call dates are Aug. 15, 2029, for the 2029 notes; Sept. 1, 2031, for the 2031 notes; Aug. 1, 2033, for the 2033 notes; and July 1, 2036, for the 2036 notes. On or after the applicable par call date, the company may redeem each series of notes at 100% of the principal amount plus accrued and unpaid interest.

Why it matters

The offering raises significant capital through senior unsecured debt without collateral or subsidiary guarantees. The filing details specific redemption options and treasury rate spreads that govern early repayment terms across the four maturities.

By the numbers

| Metric | Value | Source | |---|---|---|> | 2029 Notes Principal | $500 million | Filing text | | 2029 Notes Interest Rate | 5.100% | Filing text | | 2031 Notes Principal | $500 million | Filing text | | 2031 Notes Interest Rate | 5.350% | Filing text | | 2033 Notes Principal | $1 billion | Filing text | | 2033 Notes Interest Rate | 5.600% | Filing text | | 2036 Notes Principal | $1 billion | Filing text | | 2036 Notes Interest Rate | 5.750% | Filing text |

Offering execution and legal counsel

The transaction closed on Sept. 17, 2026, following the pricing of the underwriting agreement on Sept. 15, 2026. Sidley Austin LLP acted as legal counsel to the company, providing a legal opinion regarding the validity of the notes included as an exhibit to the filing.