Cisco Move Could be Good Sign for Economy

Tuesday, Feb 10, 2009  |  Updated 9:15 AM PDT
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Cisco Move Could be Good Sign for Economy

AP

Cisco sells $4 billion worth of debt

Cisco Systems Inc. sold $4 billion worth of senior unsecured debt, a sign that credit markets may be easing as companies are increasingly able to find buyers for their bonds.

The offering is expected to close on Feb. 17, Cisco said Monday.

Of these notes, $2 billion will mature in February 2019 and will bear interest at an annual rate of 4.95 percent, and $2 billion will mature in February 2039 and will bear interest at an annual rate of 5.90 percent.

Cisco said it will use the proceeds from this offering for general corporate purposes and to repay $500 million worth of floating rate notes due this year.

Bank of America, Goldman Sachs, JPMorgan, Citigroup, Morgan Stanley and Wachovia acted as bookrunning managers on the transaction.
 

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