Salesforce in its $25 billion notes offering, $6 billion term loan facility, and $25 billion ASR

On March 11, 2026, Salesforce, Inc. priced a registered public offering of $25 billion aggregate principal amount of senior unsecured notes, representing one of the largest bond offerings by an investment‑grade issuer in history.  Salesforce used the net proceeds from the offering to repurchase shares of its common stock pursuant to a landmark $25 billion accelerated share repurchase (ASR), the largest ASR ever executed.

In addition, on March 11, 2026, Salesforce entered into a credit agreement providing for a $6 billion unsecured term loan facility with a five‑year maturity, the proceeds of which were used to repay in full the borrowings outstanding under Salesforce’s existing term loan facilities.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Salesforce.