Microsoft passed a significant milestone in its financial history yesterday as it turned to the bond market for the first time to raise cash.
The landmark long-term debt issue signals a further break with the company's traditionally conservative stance towards its balance sheet and the culmination of a six-year process since it began to adapt its financial strategy to the increasing maturity of its business.
The software company set out yesterday to establish three benchmark bond offerings, with maturities of five, 10 and 30 years expected to raise $3.75bn.
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