Analog Devices Issues $3.0 Billion in Senior Notes Across Four Tranches

Executive Summary

On September 17, 2026, Analog Devices, Inc. (NASDAQ: ADI) completed an underwritten public offering of $3.0 billion aggregate principal amount of senior notes. The offering was conducted pursuant to an Underwriting Agreement dated September 15, 2026, with J.P. Morgan Securities LLC acting as representative of the underwriters.

Offering Structure & Tranche Details

The $3.0 billion offering consists of four distinct tranches of unsecured, unsubordinated senior notes:

1. 2029 Notes

   • Principal Amount: $500,000,000
   • Coupon: 5.100% per annum
   • Maturity: September 15, 2029
   • Interest Payment Dates: Semi-annually on March 15 and September 15, beginning March 15, 2027
   • Purchase Price: 99.509% of principal amount
   • Par Call Date: August 15, 2029 (1 month prior to maturity; make-whole at Treasury + 10 bps prior)

2. 2031 Notes

   • Principal Amount: $500,000,000
   • Coupon: 5.350% per annum
   • Maturity: October 1, 2031
   • Interest Payment Dates: Semi-annually on April 1 and October 1, beginning April 1, 2027
   • Purchase Price: 99.266% of principal amount
   • Par Call Date: September 1, 2031 (1 month prior to maturity; make-whole at Treasury + 10 bps prior)

3. 2033 Notes

   • Principal Amount: $1,000,000,000
   • Coupon: 5.600% per annum
   • Maturity: October 1, 2033
   • Interest Payment Dates: Semi-annually on April 1 and October 1, beginning April 1, 2027
   • Purchase Price: 99.332% of principal amount
   • Par Call Date: August 1, 2033 (2 months prior to maturity; make-whole at Treasury + 15 bps prior)

4. 2036 Notes

   • Principal Amount: $1,000,000,000
   • Coupon: 5.750% per annum
   • Maturity: October 1, 2036
   • Interest Payment Dates: Semi-annually on April 1 and October 1, beginning April 1, 2027
   • Purchase Price: 99.000% of principal amount
   • Par Call Date: July 1, 2036 (3 months prior to maturity; make-whole at Treasury + 15 bps prior)

Indenture Terms & Ranking

• Indenture: Issued under the Base Indenture dated June 3, 2013, as supplemented by the Supplemental Indenture dated September 17, 2026, with The Bank of New York Mellon Trust Company, N.A. as trustee.
• Ranking: Unsecured and unsubordinated obligations that rank pari passu with all existing and future unsecured senior indebtedness of the company.
• Guarantees: None; the notes are not guaranteed by any subsidiaries.

Strategic & Capital Structure Implications

This multi-tranche debt issuance allows Analog Devices to lock in fixed-rate financing across 3-, 5-, 7-, and 10-year horizons, optimizing its debt maturity schedule while maintaining liquidity for general corporate purposes, potential debt refinancing, or capital return programs.