Broadcom Inc.
07/08/2025 | Press release | Distributed by Public on 07/08/2025 04:01
Free Writing Prospectus (Form FWP)
Filed Pursuant to Rule 433
Registration No. 333-280715
Issuer Free Writing Prospectus dated July 7, 2025
Relating to Preliminary Prospectus Supplement dated July 7, 2025
PRICING TERM SHEET
DATED JULY 7, 2025
$1,750,000,000 4.600% SENIOR NOTES DUE 2030
$1,750,000,000 4.900% SENIOR NOTES DUE 2032
$2,500,000,000 5.200% SENIOR NOTES DUE 2035
The information in this pricing term sheet supplements Broadcom Inc.'s ("Broadcom") preliminary prospectus supplement, dated July 7, 2025 (the "Preliminary Prospectus Supplement"), and supplements and supersedes the information in the Preliminary Prospectus Supplement to the extent supplementary to or inconsistent with the information in the Preliminary Prospectus Supplement. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus Supplement.
| Issuer: | Broadcom Inc. (Nasdaq: AVGO) | |
| Securities Offered: |
$1,750,000,000 aggregate principal amount of 4.600% Senior Notes due 2030 (the "2030 Notes") $1,750,000,000 aggregate principal amount of 4.900% Senior Notes due 2032 (the "2032 Notes") $2,500,000,000 aggregate principal amount of 5.200% Senior Notes due 2035 (the "2035 Notes" and, together with the 2030 Notes and the 2032 Notes, the "Notes") |
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| Pricing Date: | July 7, 2025 | |
| Closing Date: | July 11, 2025 (T+4) | |
| Denominations: | $2,000 and integral multiples of $1,000 in excess thereof | |
| Use of Proceeds: | Broadcom estimates that the net proceeds from this offering, after deducting the underwriting discounts, will be approximately $5,958,167,500. Broadcom intends to use the net proceeds from the sale of the Notes for general corporate purposes, which may include repayment of debt. | |
| Ratings:* |
Baa1 (Stable) (Moody's Investors Service, Inc.) BBB+ (Positive) (S&P Global Ratings) BBB (Positive) (Fitch Ratings Inc.) |
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| Maturity Date: |
2030 Notes: July 15, 2030 2032 Notes: July 15, 2032 2035 Notes: July 15, 2035 |
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| Interest Rate: |
2030 Notes: 4.600% per year on the principal amount of the 2030 Notes 2032 Notes: 4.900% per year on the principal amount of the 2032 Notes 2035 Notes: 5.200% per year on the principal amount of the 2035 Notes |
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| Interest Payment Dates: |
January 15 and July 15, beginning January 15, 2026 and accruing from July 11, 2025, in respect of the 2030 Notes January 15 and July 15, beginning January 15, 2026 and accruing from July 11, 2025, in respect of the 2032 Notes January 15 and July 15, beginning January 15, 2026 and accruing from July 11, 2025, in respect of the 2035 Notes |
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| Record Dates: |
January 1 and July 1, in respect of the 2030 Notes January 1 and July 1, in respect of the 2032 Notes January 1 and July 1, in respect of the 2035 Notes |
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| Price to Public: |
2030 Notes: 99.791% of the principal amount 2032 Notes: 99.730% of the principal amount 2035 Notes: 99.637% of the principal amount |
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| Benchmark Treasury: |
2030 Notes: UST 3.875% due June 30, 2030 2032 Notes: UST 4.000% due June 30, 2032 2035 Notes: UST 4.250% due May 15, 2035 |
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| Benchmark Treasury Price / Yield: |
2030 Notes: 99-18 3⁄4 / 3.967% 2032 Notes: 99-00 / 4.166% 2035 Notes: 98-26+ / 4.397% |
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| Spread to Benchmark Treasury: |
2030 Notes: +68 basis points 2032 Notes: +78 basis points 2035 Notes: +85 basis points |
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| Yield to Maturity: |
2030 Notes: 4.647% 2032 Notes: 4.946% 2035 Notes: 5.247% |
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| CUSIP Number: |
2030 Notes: 11135FCK5 2032 Notes: 11135FCL3 2035 Notes: 11135FCM1 |
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| ISIN Number: |
2030 Notes: US11135FCK57 2032 Notes: US11135FCL31 2035 Notes: US11135FCM14 |
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| Redemption at Broadcom's Option: |
Prior to June 15, 2030 (one month prior to their maturity date) (the "2030 Par Call Date"), in the case of the 2030 Notes, prior to May 15, 2032 (two months prior to their maturity date) (the "2032 Par Call Date"), in the case of the 2032 Notes, and prior to April 15, 2035 (three months prior to their maturity date) (the "2035 Par Call Date" and each of the 2030 Par Call Date, the 2032 Par Call Date and the 2035 Par Call Date, a "Par Call Date"), in the case of the 2035 Notes, Broadcom may redeem the Notes of the applicable series at its option, in whole or in part, at any time and from time to time, at a redemption price calculated by Broadcom (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate plus 15 basis points (in the case of the 2030 Notes), 15 basis points (in the case of the 2032 Notes) or 15 basis points (in the case of the 2035 Notes) less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest, if any, thereon to, but excluding, the redemption date. On or after the applicable Par Call Date, Broadcom may redeem the Notes of the applicable series at its option, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest, if any, thereon to, but excluding, the applicable redemption date. |
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| Joint Book-Running Managers: |
J.P. Morgan Securities LLC Morgan Stanley & Co. LLC Wells Fargo Securities, LLC |
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| * |
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
It is expected that delivery of the Notes will be made to investors on or about July 11, 2025, which will be the fourth business day following the date of this pricing term sheet (such settlement being referred to as "T+4"). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to closing may be required, by virtue of the fact that the Notes initially will settle in T+4, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisors.
The issuer has filed a registration statement (including a prospectus) and a prospectus supplement with the U.S. Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and prospectus supplement if you request it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533, Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 or Wells Fargo Securities, LLC toll free at 1-800-645-3751.
Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.
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Broadcom Inc. published this content on July 08, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on July 08, 2025 at 10:01 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at support@pubt.io