Broadcom upsizes tender offers to $3B, accepts $2.9B
Broadcom Inc. increased its cash tender offers to $3 billion for senior notes due between 2030 and 2038, accepting $2.9 billion of the $5.5 billion tendered. The offers are not subject to financing conditions and are based on a fixed spread plus a reference yield from June 17, 2026.
*this image is generated using AI for illustrative purposes only.
Broadcom Inc. has upsized its cash tender offers to purchase up to $3 billion in aggregate principal amount of outstanding senior notes due between 2030 and 2038. The company accepted $2.9 billion of the $5.5 billion in tendered outstanding debt securities. The offers, which are not subject to a financing condition or a minimum tender amount, allow holders to receive a total consideration based on a fixed spread plus a reference yield determined on June 17, 2026.
The six series of notes targeted in the offers include the 4.926% Senior Notes due 2037, the 4.900% Senior Notes due 2038, the 5.050% Senior Notes due 2030, the 5.200% Senior Notes due 2032, the 5.150% Senior Notes due 2031, and the 4.900% Senior Notes due 2032. Broadcom has established acceptance priority levels for each series, with the 4.926% notes due 2037 receiving the highest priority.
Details of the Notes
The following table outlines the series of notes included in the offers, along with their aggregate principal amounts outstanding and acceptance priority levels:
| Series of Notes | CUSIP/ISIN Number | Aggregate Principal Amount Outstanding | Acceptance Priority Level | Maturity Date |
|---|---|---|---|---|
| 4.926% Senior Notes due 2037 | 144A: 11135FBV2 / US11135FBV22 RegS: U1109MBA3 / USU1109MBA37 | $2,500,000,000 | 1 | May 15, 2037 |
| 4.900% Senior Notes due 2038 | 11135FCX7 / US11135FCX78 | $1,750,000,000 | 2 | February 15, 2038 |
| 5.050% Senior Notes due 2030 | 11135FCF6 / US11135FCF62 | $800,000,000 | 3 | April 15, 2030 |
| 5.200% Senior Notes due 2032 | 11135FCG4 / US11135FCG46 | $1,100,000,000 | 4 | April 15, 2032 |
| 5.150% Senior Notes due 2031 | 11135FBY6 / US11135FBY60 | $1,500,000,000 | 5 | November 15, 2031 |
| 4.900% Senior Notes due 2032 | 11135FCL3 / US11135FCL31 | $1,750,000,000 | 6 | July 15, 2032 |
Offer Terms and Conditions
The total consideration for each series of notes is calculated based on the applicable fixed spread and the reference yield as of 11:00 a.m., New York City time, on June 17, 2026. Holders whose notes are accepted for purchase will also receive an accrued coupon payment. The offers are scheduled to expire at 5:00 p.m., New York City time, on June 17, 2026, unless extended or earlier terminated by Broadcom.
The deadline for tendering notes using guaranteed delivery procedures is 5:00 p.m., New York City time, on June 22, 2026. The initial settlement date is expected to be June 18, 2026, while the guaranteed delivery settlement date is expected to be June 23, 2026. Broadcom has retained Barclays Capital Inc. and Citigroup Global Markets Inc. as dealer managers, and D.F. King & Co., Inc. will act as the tender and information agent for the offers.
How will this debt repurchase impact Broadcom's leverage ratios and future borrowing costs?
What strategic acquisitions or capital expenditures might Broadcom fund with the remaining cash reserves?
Could this move signal a shift in Broadcom's capital allocation strategy towards more shareholder returns?
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