Alphabet in Record Inaugural £5.5 Billion and CHF 3.055 Billion Bonds Issuances

Cleary Gottlieb is representing Alphabet Inc. (Alphabet), the parent company of Google LLC (Google) and one of the world’s most valuable public companies, in a record SEC-registered offering of £5.5 billion aggregate principal amount of Sterling-denominated senior notes (the GBP offering) and in a record unregistered offering of CHF 3.055 billion aggregate principal amount of Swiss Franc-denominated senior notes (the CHF offering).

The GBP Offering is comprised of £750 million aggregate principal amount of 4.125% senior notes due 2029, £1.25 billion aggregate principal amount of 4.625% senior notes due 2032, £1.25 billion aggregate principal amount of 5.500% senior notes due 2041, £1.25 billion aggregate principal amount of 5.875% senior notes due 2058, and £1 billion aggregate principal amount of 6.125% senior notes due 2126.

Goldman Sachs & Co. LLC, J.P. Morgan Securities plc, Merrill Lynch International, Barclays Bank PLC, HSBC Bank plc, and NatWest Markets Plc are acting as representatives of the underwriters for the GBP offering. The GBP offering is scheduled to close on February 13, 2026, subject to customary closing conditions.

The CHF offering is comprised of CHF 905 million aggregate principal amount of 0.4270% senior notes due 2029, CHF 700 million aggregate principal amount of 0.8900% senior notes due 2032, CHF 575 million aggregate principal amount of 1.2525% senior notes due 2036, CHF 455 million aggregate principal amount of 1.5823% senior notes due 2041 and CHF 420 million aggregate principal amount of 1.8675% senior notes due 2051.

BNP PARIBAS, Paris, Lancy/Geneva Branch is acting as representative of the initial purchasers for the CHF offering, which include Deutsche Bank AG, London Branch, Goldman Sachs International, J.P. Morgan Securities plc, and Merrill Lynch International. The CHF offering is scheduled to close on or around March 3, 2026, subject to customary closing conditions.

The net proceeds from both offerings will be used for general corporate purposes, which may include the repayment of outstanding debt.

Alphabet also launched an offering of $20 billion U.S. dollar-denominated senior notes (the USD offering), which is scheduled to close on February 13, 2026, subject to customary closing conditions. Cleary is also representing Alphabet in the USD offering.

Alphabet is based in Mountain View, California. Cleary has represented Alphabet in numerous prior transactions, dating back to Alphabet’s reorganization in 2015 in which Cleary served as counsel, and most recently in a $17.5 billion USD-denominated and €6.5 billion EUR-denominated notes offering in November 2025.

The Cleary corporate team includes partners Shuangjun Wang and Jeff Karpf; associates Emily Arndt, Omelebele (Bele) Edeoga, and Aditi Thakur; and law clerk Jean Choi, with assistance from capital markets attorney Nina Bell. Partner Matthew Brigham and associates Adam Girts and Banu Dzhafarova advised on tax matters. Partner Daniel Ilan and associates Jaehwan Park and Melissa Faragasso advised on IP matters.