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Walmart Raises $4.25 Billion in High-Grade Bond Sale
Retailer Expands 5-Part Offering as Borrowing Costs Decline During Sale Process
Walmart Inc. raised $4.25 billion from a high-grade bond offering, boosting the size of the deal amid a flood of issuance that was mostly well received.
The retailer, which was initially looking to raise at least $3 billion from the five-part transaction, lowered borrowing costs through the sale process. The longest 10-year tranche will yield 0.43 percentage point above Treasuries, roughly a quarter percentage point less than initial price talk, according to a person with knowledge of the matter, who asked not to be identified as the details are private.
Proceeds will go toward general corporate purposes, potentially including debt refinancing, the person added.
Citigroup Inc., JPMorgan Chase & Co. and Mizuho Financial Group managed the debt raise. Citi declined to comment, while JPMorgan and Mizuho didn’t immediately respond to requests for comment.
Walmart’s deal came during a busy U.S. investment-grade session April 27, with 12 issuers raising a combined $24.3 billion, near the high end of dealers’ full-week forecasts. Borrowers are seizing steady credit markets to lock in borrowing costs ahead of a raft of earnings and central bank decisions, all while uncertainty in the Middle East lingers.
A year ago, Walmart sold $4 billion of notes in its first bond issuance since 2023.
Walmart ranks No. 1 on the Transport Topics Top 100 list of the largest private carriers in North America and No. 32 on the TT Top 50 global freight companies list.
