Apple plans to sell C$2.5 billion in bonds in Canada: IFR

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TORONTO (Reuters) – Apple Inc plans to sell C$2.5 billion ($1.96 billion) in bonds in a Canadian-dollar-denominated issue, which would be a record amount for an issuer in the Maple bond market, Thomson Reuters IFR reported on Tuesday.

The deal will be priced on Tuesday afternoon at a spread of 80 basis points over the curve, which compares with unofficial guidance in the area of 83 basis points over the curve plus or minus 3 basis points, IFR said.

Apple’s size and brand name allows the company to borrow cheaply, said Altaf Nanji, head of corporate research at Manulife Asset Management.

In a regulatory filing on Tuesday, Apple said the proceeds of the transaction will be used for general corporate purposes, including repurchases of common stock and payment of dividends.

An Apple spokesman declined to comment on the size or price of the deal.

Reporting by Fergal Smith

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