From Newsmax

Apple Inc., one of the most cash-rich companies in the world, is still looking to get a piece of the ultra-cheap money that’s up for grabs in the bond market.

With investment-grade bond yields hovering near record lows, it’s tempting even for Apple — with more than $200 billion of cash and investment securities on its books — to see what investors will lend it. Turns out that number is $7 billion, or just over 3% of its current coffers.

With the 30-year Treasury at record lows, many companies have been able to borrow more cheaply for much longer. Apple (AAPL) will pay around 2.98% interest on its new 30-year bonds, compared with the 3.45% it’s paying on three-decade bonds it sold in 2015.

On a $1.5 billion issue, that equates to savings of just over $7 million of interest annually, or $211.5 million over the course of three decades.

Today’s debt sale helps Apple refinance roughly $2 billion of debt that’s scheduled to mature this year in addition to much of the $10 billion it has coming due in 2020, according to data compiled by Bloomberg.

Apple’s not the only one seizing this golden opportunity. A record 21 U.S. investment-grade companies tapped the market Tuesday, borrowing a combined $27 billion. With more than a dozen deals in the works Wednesday, this week’s issuance is already set to hit $54 billion, comfortably surpassing dealer estimates of $40 billion.

© Copyright 2019 Bloomberg News. All rights reserved.

For more on this story go to: https://www.newsmax.com/finance/streettalk/apple-borrow-cash-7-billion-dollars/2019/09/04/id/931236/?ns_mail_uid=6952f1f9-507d-4a20-8cc0-0a1db158d76e&ns_mail_job=DM50716_09052019&s=acs&dkt_nbr=010502346u5n