AMD raises $4.75 billion in record bond offering

Advanced Micro Devices (AMD) has completed its largest-ever US dollar bond offering, raising $4.75 billion through four tranches of senior notes. The notes feature maturities ranging from three to ten years, specifically between 2029 and 2036.

While the company stated the proceeds are intended for “general corporate purposes,” which may include debt repayment, the massive scale of the raise follows AMD’s commitment to invest up to $5 billion in Anthropic. This investment includes a partnership to deploy up to two gigawatts of Instinct MI450 chips to power Claude.

Despite the significant new debt, AMD maintains a strong liquidity position, reporting $13.1 billion in cash and short-term investments at the end of June against $3.2 billion in existing debt. The bond sale saw strong investor demand, with rates pricing closely to U.S. Treasuries. The deal was managed by several major banks, including JPMorgan, Citigroup, and Bank of America.