Alphabet in Inaugural $5.75 Billion Sustainability Bonds Issuance

Cleary Gottlieb represented Alphabet Inc. (Alphabet), the parent company of Google LLC (Google) and one of the world’s most valuable public companies, in a SEC-registered offering of $1 billion aggregate principal amount of 0.45% senior notes due 2025, $1 billion aggregate principal amount of 0.8% senior notes due 2027, $2.25 billion aggregate principal amount of 1.1% senior notes due 2030, $1.25 billion aggregate principal amount of 1.9% senior notes due 2040, $2.5 billion aggregate principal amount of 2.05% senior notes due 2050, and $2 billion aggregate principal amount of 2.25% senior notes due 2060.

The $5.75 billion that Alphabet issued in sustainability bonds is the largest by any company to date. The proceeds from the sustainability bonds are intended to be used for Google’s various environmental and social initiatives, including projects promoting energy efficiency, clean energy, green buildings, clean transportation, circular economy and design, affordable housing, commitment to racial equity, and support for small businesses and COVID-19 crisis response.

Goldman Sachs & Co. LLC, J.P. Morgan, and Morgan Stanley acted as representatives of the underwriters. The offering is scheduled to close on August 5, 2020.

Alphabet is based in Mountain View, California. The transaction was Alphabet’s third and largest capital raising capital markets transaction since the holding company reorganization that was implemented on October 2, 2015, in which Cleary also served as counsel.