Salesforce (CRM) is planning to sell up to $25B of debt to fund a stock buyback, Bloomberg News reported, citing people familiar with the matter.
The company is aiming for a U.S. bond offering of at least $20B. The notes could be sold as soon as this week, but the timing may change. This would be the software company’s largest-ever note sale, the report added.
Salesforce did not immediately respond to a request for comment from Seeking Alpha.
The software giant mandated JPMorgan Chase, Bank of America, Barclays, Citigroup, and Wells Fargo to arrange fixed-income investor calls for Tuesday, the report noted.
In February, Salesforce had announced a $50B share repurchase program along with its fourth quarter results.
The company last accessed the U.S. bond market in 2021, when it raised $8B to help fund its acquisition of Slack, the report added.