Alphabet closes a $25 billion note offering in ten tranches — maturities from 2028 to 2066, with coupons rising as the term lengthens — SEC 8-K (August 2026)
Alphabet disclosed in an 8-K that on August 10, 2026 it closed an underwritten public offering of $25 billion in U.S. dollar-denominated senior notes. The offering comprises ten tranches — two floating rate and eight fixed — maturing from 2028 to 2066, with fixed coupons running from 4.500% to 6.500%.
Filing key facts
- CompanyAlphabet Inc. (GOOGL)
- FormCurrent report (8-K)
- ExchangeNasdaq,Nasdaq,Nasdaq,Nasdaq
- Industry (SIC)Services-Computer Programming, Data Processing, Etc.
- Filing date2026-08-10
- Period2026-08-10
- 8-K events8.01 Other material events, 9.01 Financial statements and exhibits
- Accession no.0001193125-26-342390
Key points
- Closed a $25 billion U.S. dollar-denominated senior note offering on August 10, 2026 under a Form S-3 registration.
- Ten tranches — two floating rate and eight fixed — maturing between 2028 and 2066.
- Fixed coupons run from 4.500% at the 2028 maturity to 6.500% at the 2066 maturity: further out, higher.
- The largest tranches are $4.5 billion each at 2036 and 2056, weighting both the middle and the long end.
- Issued under an indenture dated February 12, 2016, with The Bank of New York Mellon Trust Company as trustee.
1$25 billion at once, split ten ways
The note offering Alphabet closed on August 10, 2026 is notable for its structure as much as its size. Ten tranches: two floating rate, eight fixed. Maturities stretch from 2028 at the near end to 2066 at the far end, a span of nearly forty years. Rather than borrowing in one block and repaying in one block, the repayment dates are spread along a timeline.
2Term against coupon
| Maturity | Coupon | Size |
|---|---|---|
| 2028 | Floating | $750 million |
| 2028 | 4.500% | $1.25 billion |
| 2029 | Floating | $500 million |
| 2029 | 4.625% | $2 billion |
| 2031 | 4.875% | $3.5 billion |
| 2033 | 5.200% | $2.5 billion |
| 2036 | 5.450% | $4.5 billion |
| 2046 | 6.250% | $3 billion |
| 2056 | 6.375% | $4.5 billion |
| 2066 | 6.500% | $2.5 billion |
Line up the fixed-rate tranches alone and the relationship is clean: the further out the maturity, the higher the coupon. From 4.500% in 2028 to 6.500% in 2066, thirty-eight additional years of term carry two full points of additional cost. The basic proposition of the bond market — lend longer, be paid for the added uncertainty — appears here as plain arithmetic.
Looking at the sizes, the two largest are $4.5 billion each at 2036 and 2056, weight placed on both the ten-year middle and the thirty-year long end.
3A 2016 indenture still doing the work
The notes were issued under an indenture dated February 12, 2016, with The Bank of New York Mellon Trust Company as trustee. Ten tranches were stacked onto a framework put in place a decade earlier. The exhibits attached to the 8-K say the same thing structurally: one indenture, ten forms of global note, and an opinion of counsel — new contents poured into an existing vessel.
4Where the disclosure sits
This 8-K is reported under Item 8.01 (other events). Of the 644 SEC filings this site holds as of 2026-09-02, 442 are 8-K family filings, and 73 of those include Item 8.01. It is less frequent than results (162) or officer changes (116), but it serves as the receptacle for material facts — the completion of a financing, for instance — that do not fit the standard items.
This site also covers Alphabet's separate at-the-market program of up to $40 billion, and the two together show equity and debt capacity being prepared side by side.
Why it matters
Amid sustained heavy AI and data-center investment, both equity (an at-the-market program) and debt capacity are being arranged in parallel. The mapping of coupon to maturity across ten tranches is usable primary data on what term funding costs a top-rated U.S. issuer today.
FAQ
What is a tranche?
Why spread out the maturities?
Sources (primary)
This article is an independent organization based on the U.S. SEC official disclosures below. Always verify the exact, latest details with the original filing.
- SEC EDGAR (filing index)
- Primary document (original)
- Accession no.：0001193125-26-342390