Intuit (INTU): Offering Of $2 Billion In Senior Notes Priced

By Noah Long ● June 29, 2020
  • Intuit Inc. (NASDAQ: INTU), the company behind TurboTax, Turbo, QuickBooks, and Mint, announced that it has priced its offering of $2 billion aggregate principal amount of senior notes

Intuit Inc. (NASDAQ: INTU), the company behind TurboTax, Turbo, QuickBooks, and Mint, announced that it has priced its offering of $2 billion aggregate principal amount of senior notes, consisting of $500 million aggregate principal amount of 0.65% notes due 2023, $500 million aggregate principal amount of 0.95% notes due 2025, $500 million aggregate principal amount of 1.35% notes due 2027, and $500 million aggregate principal amount of 1.650% notes due 2030. This offering is expected to close on June 29, 2020, subject to the satisfaction of customary closing conditions.

A portion of the net proceeds from the offering will be used to finance a portion of the costs associated with the potential $7.1 billion acquisition of Credit Karma. And in addition, Intuit Inc. (NASDAQ: INTU) intends to use net proceeds from this offering for general corporate purposes — which may include funding the repayment or redemption of outstanding debt, ongoing operations, capital expenditures and other possible acquisitions of businesses or assets or strategic investments.

BofA Securities, J.P. Morgan, MUFG, US Bancorp, Scotiabank, and Wells Fargo Securities are acting as joint book-running managers of the offering.