AMD filed a Rule 424(b)(5) prospectus supplement on 14 August, pricing $4,750,000,000 of senior unsecured notes in four tranches.
The stack
$1.25bn of 4.600% notes due 2029, priced at 99.889. $1.5bn of 5.000% notes due 2031, at 99.921. $1.0bn of 5.250% notes due 2033, at 99.919. $1.0bn of 5.500% notes due 2036, at 99.757. All four accrue interest from 17 August and pay semi-annually from 17 February 2027.
What AMD actually receives
Gross proceeds at the public offering price are $4,744,187,500. Underwriting discounts total $8,100,000, leaving $4,736,087,500 before expenses — about $4.7bn net. The notes are unsecured, not guaranteed by subsidiaries, and will not be listed on any exchange.
The line that is not in the filing
Any purpose. The prospectus says general corporate purposes, which may include the repayment of debt — no fab, no AI programme, no named acquisition. Coverage that attaches this raise to a specific build or deal is adding something the document does not contain. AMD already carries 4.319% notes due 2028, 2.375% due 2030, 3.924% due 2032 and 4.393% due 2052, so refinancing is squarely inside the stated scope.
Pricing is not closing
Settlement is expected on or about 17 August. The $9,812m cash figure in the capitalization table is an as adjusted pro-forma against $5,086m actual at 27 June — it is what the balance sheet would look like, not what it shows. Short-term investments sit at $8,025m alongside.
How to read a rising cash balance
This is borrowing, not earnings. Cash up by $4.7bn here is matched by a liability of the same size, and the ascending coupons — from 4.600% at three years to 5.500% at ten — are the price of holding it. A company funding capacity out of debt at 5.5% is making a bet that the return on what it builds clears that hurdle for a decade.