Cisco plans to use the money to finance stock buybacks and dividends, and to repay $3.75B of notes that mature this year.
Cisco sold debt in seven parts with fixed- and floating-rate securities, with yields ranging from 1.1% to 3.625%.
Moody's rates Cisco at A1 and S&P at AA-.
While Cisco "hasn't had smooth sailing from the equity perspective," says money manager Thomas Chow, "there's overwhelming demand...for well-known issuers with strong fundamentals." Cisco "has a large cash balance and a dominant position in product lines that aren’t going to disappear overnight," Chow adds. (PR)