彭博社援引知情人士报道，微软计划通过美国债券发行筹集至少250亿美元，这是该公司自2017年以来首次在美国发行高评级债务。
Microsoft is looking to raise at least $25bn through a US bond sale, its first high-grade debt offering in the country since 2017, Bloomberg reported, citing people familiar with the matter.
该交易分为最多10个期限，偿还日期从两年到40年不等。彭博社报道称，最终规模将取决于投资者需求。富国银行、摩根大通和瑞银负责管理此次发行。
The deal is divided into as many as 10 tranches, with repayment dates ranging from two to 40 years. Its final size will depend on investor demand, Bloomberg reported. Wells Fargo, JPMorgan Chase and UBS are managing the sale.
近年来，该公司很少需要大量借款。其上一次重大的美国债券发行是在2017年1月，筹集了170亿美元，部分用于帮助融资其收购。微软也是仅有的两家美国公司之一，与强生公司并列，拥有AAA信用评级，这是最高可能评级。该评级高于美国政府的评级，帮助公司获得有利的借款条件。
The company has rarely needed to borrow heavily in recent years. Its last major US bond sale, in January 2017, raised $17bn, partly to help finance its acquisition of Microsoft is also one of just two US companies, alongside Johnson & Johnson, with a AAA credit rating, the highest possible. The rating sits above that of the US government and helps the company secure favourable borrowing terms.
但构建其人工智能基础设施的成本正在改变微软的融资需求。在报道的债券发行前一天，该公司披露，包括租赁在内的数据中心和设备支出，在截至9月的三个月内已达到452亿美元。同期，自由现金流下降27%至186亿美元。
But the cost of building out its AI infrastructure is changing Microsoft’s financing needs. A day before the reported bond sale, the company disclosed that spending on data centres and equipment, including leases, had reached $45.2bn in the three months to September. Free cash flow fell 27% to $18.6bn over the same period.
对微软云服务的需求继续超过其可上线的容量。Azure收入在该季度增长48%至332亿美元，公司预计当前季度增长49%至50%。
Demand for Microsoft’s cloud services continues to outpace the capacity it can bring online. Azure revenue rose 48% to $33.2bn in the quarter, and the company expects growth of 49% to 50% in the current one.
“我们仍有超过供应的需求，”首席财务官艾米·胡德对分析师表示。
“We still have demand that exceeds supply,” chief financial officer Amy Hood told analysts.
微软并非唯一转向债务市场为人工智能热潮背后的基础设施融资的公司。8月，字母表公司通过10部分债券发行筹集了250亿美元，到期日分布在类似范围内。该公司表示计划每年在美国借款两次。
Microsoft is not alone in turning to debt markets to fund the infrastructure behind the AI boom. In August, Alphabet raised $25bn through a 10-part bond sale, with maturities spread across a similar range. The company said it planned to borrow in the US twice a year.
TNW在7月引用彭博社数据报道，字母表、亚马逊、Meta、微软和甲骨文的合并债务在五年内大约翻了一番，达到约3500亿美元。
Alphabet, Amazon, Meta, Microsoft and Oracle have roughly doubled their combined debt over five years to around $350bn, according to Bloomberg data cited by TNW in July.
投资者对各项交易的欢迎程度不一。亚马逊今年早些时候的250亿美元债券发行反应平平，而标准普尔将甲骨文的信用评级下调至垃圾级以上一档，原因是其债务不断增加。
Investors have not welcomed every deal equally. Amazon’s $25bn bond sale earlier this year met a lukewarm reception, while S&P downgraded Oracle’s credit rating to one notch above junk as its debt grew.
微软的强劲信用状况为其借款提供了更多空间，但最新的债券发行正值即使是最大的科技公司也面临为其人工智能雄心融资的成本上升之际。
Microsoft’s strong credit standing gives it more room to borrow, but the latest sale comes as even the biggest technology companies face the rising cost of financing their AI ambitions.