Visa - Financial Information - Fixed Income
Fixed Income Overview
The fixed income investor materials below are intended to assist current and potential creditors and counterparties in analyzing Visa Inc.
2015 Debt Issuance Structure
On December 9, 2015, Visa Inc. (the “Company”) announced an offering of $1,750,000,000 of its 1.200% Senior Notes due 2017 (the “2017 Notes”), $3,000,000,000 of its 2.200% Senior Notes due 2020 (the “2020 Notes”), $2,250,000,000 of its 2.800% Senior Notes due 2022 (the “2022 Notes”), $4,000,000,000 of its 3.150% Senior Notes due 2025 (the “2025 Notes”), $1,500,000,000 of its 4.150% Senior Notes due 2035 (the “2035 Notes”) and $3,500,000,000 of its 4.300% Senior Notes due 2045 (the “2045 Notes” and, together with the 2017 Notes, 2020 Notes, 2022 Notes, 2025 Notes and 2035 Notes, the “2015 Issued Notes”).
The Company received net proceeds of approximately $15.9 billion, after deducting underwriting discounts and estimated offering expenses payable by the Company. The net proceeds will be used to fund a portion of the up-front cash consideration of the purchase price for the planned acquisition of Visa Europe Limited, which is more fully described in the Company’s current report on Form 8-K filed on November 2, 2015, and the remainder will be used for general corporate purposes.
On September 11, 2017, the “Company” called for redemption all of the $1.75 billion principal amount outstanding of the 2017 Notes in accordance with the optional redemption provisions applicable thereto, as set forth in Article 3 of the Indenture dated as of December 14, 2015 (the “Indenture”) between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) as trustee, and in the definitive form of note representing the 2017 Notes. The Indenture and the 2017 Note were filed as Exhibit 4.1 and Exhibit 4.2, respectively, to the Company’s current report on Form 8-K filed on December 14, 2015.
The redemption date for the 2017 Notes was October 11, 2017. The redemption price for the 2017 Notes will be calculated in accordance with the Indenture and the Note and will be equal to the greater of:
- 100% of the principal amount of the 2017 Notes, and
- the sum of the present values of the remaining scheduled payments of principal and interest on the 2017 Notes to December 14, 2017 (exclusive of interest accrued to October 11, 2017) discounted to October 11, 2017 on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Note) plus 5 basis points, plus, in either case, accrued and unpaid interest on the principal amount of the 2017 Notes being redeemed to, but not including, October 11, 2017.
The 2020 Notes, 2022 Notes and 2025 Notes matured on December 14, 2020, December 14, 2022 and December 14, 2025, respectively. The Company paid the principal amount of $3 billion, $2.25 billion and $4 billion, respectively, in accordance with the Indenture. The definitive forms of note representing the 2020 Notes, 2022 Notes and 2025 Notes were filed as Exhibit 4.3, Exhibit 4.4 and Exhibit 4.5, respectively, to the Company's current report on Form 8-K filed on December 14, 2015.
The 2015 Issued Notes are unsecured obligations of the Company. The Indenture also contains customary event of default provisions. The following table summarizes information about the 2015 Issued Notes and the offering thereof.
| Title of Securities: | 1.200% Senior Notes due 2017 |
2.200% Senior Notes due 2020 |
2.800% Senior Notes due 2022 |
3.150% Senior Notes due 2025 |
4.150% Senior Notes due 2035 |
4.300% Senior Notes due 2045 |
|
| Aggregate principal amount sold: | $1,750,000,000 | $3,000,000,000 | $2,250,000,000 | $4,000,000,000 | $1,500,000,000 | $3,500,000,000 | |
| Maturity date: | December 14, 2017 |
December 14, 2020 |
December 14, 2022 |
December 14, 2025 |
December 14, 2035 |
December 14, 2045 |
|
| Public offering price: | 99.947% of the principal amount |
99.915% of the principal amount |
99.861% of the principal amount |
99.634% of the principal amount |
99.865% of the principal amount |
99.833% of the principal amount |
|
| Interest payment dates: | Semi-annually on each June 14 and December 14, commencing on June 14, 2016 |
Semi-annually on each June 14 and December 14, commencing on June 14, 2016 |
Semi-annually on each June 14 and December 14, commencing on June 14, 2016 |
Semi-annually on each June 14 and December 14, commencing on June 14, 2016 |
Semi-annually on each June 14 and December 14, commencing on June 14, 2016 |
Semi-annually on each June 14 and December 14, commencing on June 14, 2016 |
|
| Interest rate: | 1.200% | 2.200% | 2.800% | 3.150% | 4.150% | 4.300% | |
| Optional redemption: | Make-whole call at treasury rate plus 5 basis points |
Prior to November 14, 2020, make- whole call at treasury rate plus 10 basis points; par call at any time thereafter |
Prior to October 14, 2022, make- whole call at treasury rate plus 12.5 basis points; par call at any time thereafter |
Prior to September 14, 2025, make- whole call at treasury rate plus 15 basis points; par call at any time thereafter |
Prior to June 14, 2035, make-whole call at treasury rate plus 20 basis points; par call at any time thereafter |
Prior to June 14, 2045, make-whole call at treasury rate plus 20 basis points; par call at any time thereafter |
|
| Special Mandatory Redemption: | 101% | 101% | 101% | 101% | None | None |
2017 Debt Issuance Structure
On September 6, 2017, the Company announced an offering of $1,000,000,000 of its 2.150% Senior Notes due 2022 (the “2022 Notes”), $750,000,000 of its 2.750% Senior Notes due 2027 (the “2027 Notes”) and $750,000,000 of its 3.650% Senior Notes due 2047 (the “2047 Notes,” and together with the 2022 Notes and 2027 Notes, the “2017 Issued Notes”).
The Company received net proceeds of approximately $2.47 billion, after deducting underwriting discounts and estimated offering expenses payable by the Company. The net proceeds will be used for general corporate purposes, including the redemption of the Company’s outstanding 2017 Notes.
On September 15, 2022, the 2022 Notes matured. The Company paid the principal amount of $1 billion in accordance with the Indenture. The definitive form of note representing the 2022 Notes was filed as Exhibit 4.1 to the Company’s current report on Form 8-K filed on September 11, 2017.
The 2017 Issued Notes are unsecured obligations of the Company. The Indenture also contains customary event of default provisions. The following table summarizes information about the 2017 Issued Notes and the offering thereof.
| Title of securities: | 2.150% Senior Notes due 2022 |
2.750% Senior Notes due 2027 |
3.650% Senior Notes due 2047 |
| Aggregate principal amount sold: | $1,000,000,000 | $750,000,000 | $750,000,000 |
| Maturity date: | September 15, 2022 | September 15, 2027 | September 15, 2047 |
| Public offering price: | 99.698% of the principal amount | 99.255% of the principal amount | 99.583% of the principal amount |
| Interest payment dates: | Semi-annually on each March 15 and September 15, commencing on March 15, 2018. | Semi-annually on each March 15 and September 15, commencing on March 15, 2018. | Semi-annually on each March 15 and September 15, commencing on March 15, 2018. |
| Interest rate: | 2.150% | 2.750% | 3.650% |
| Optional redemption: | Prior to August 15, 2022, make-whole call at the applicable U.S. treasury rate plus 10 basis points; par call at any time thereafter | Prior to June 15, 2027, make-whole call at the applicable U.S. treasury rate plus 12.5 basis points; par call at any time thereafter | Prior to March 15, 2047, make-whole call at the applicable U.S. treasury rate plus 15 basis points; par call at any time thereafter |
2020 Debt Issuance Structure
On March 31, 2020, the Company announced an offering of $1,500,000,000 of its 1.900% Senior Notes due 2027 (the “2027 Notes”), $1,500,000,000 of its 2.050% Senior Notes due 2030 (the “2030 Notes”) and $1,000,000,000 of its 2.700% Senior Notes due 2040 (the “2040 Notes,” and together with the 2027 Notes and 2030 Notes, the “March 2020 Issued Notes”).
The Company received net proceeds of approximately $3.96 billion, after deducting underwriting discounts and estimated offering expenses payable by the Company. The net proceeds will be used for general corporate purposes.
The March 2020 Issued Notes are unsecured obligations of the Company. The Indenture also contains customary event of default provisions. The following table summarizes information about the March 2020 Issued Notes and the offering thereof.
| Title of securities: | 1.900% Senior Notes due 2027 |
2.050% Senior Notes due 2030 |
2.700% Senior Notes due 2040 |
| Aggregate principal amount sold: | $1,500,000,000 | $1,500,000,000 | $1,500,000,000 |
| Maturity date: | April 15, 2027 | April 15, 2030 | April 15, 2040 |
| Public offering price: | 99.718% of the principal amount | 99.855% of the principal amount | 99.264% of the principal amount |
| Interest payment dates: | Semi-annually on each April 15 and October 15, commencing on October 15, 2020. | Semi-annually on each April 15 and October 15, commencing on October 15, 2020. | Semi-annually on each April 15 and October 15, commencing on October 15, 2020. |
| Coupon: | 1.900% | 2.050% | 2.700% |
| Optional redemption: | Prior to February 15, 2027, make-whole call at the applicable U.S. treasury rate plus 25 basis points; par call at any time thereafter | Prior to January 15, 2030, make-whole call at the applicable U.S. treasury rate plus 25 basis points; par call at any time thereafter | Prior to October 15, 2039, make-whole call at the applicable U.S. treasury rate plus 25 basis points; par call at any time thereafter |
On August 10, 2020, the Company announced an offering of $500,000,000 of its 0.750% Senior Notes due 2027 (the “2027 Notes”), $1,000,000,000 of its 1.100% Senior Notes due 2031 (the “2031 Notes”) and $1,750,000,000 of its 2.000% Senior Notes due 2050 (the “2050 Notes,” and together with the 2027 Notes and 2031 Notes, the “August 2020 Issued Notes”).
The Company received net proceeds of approximately $3.2 billion, after deducting underwriting discounts and estimated offering expenses payable by the Company. The net proceeds from the offering of the 2027 Notes will be used to fund Eligible Green Projects (as defined in the Company’s prospectus supplement dated August 10, 2020) and the net proceeds from the offering of the 2031 Notes and the 2050 Notes will be used for general corporate purposes.
The August 2020 Issued Notes are unsecured obligations of the Company. The Indenture also contains customary event of default provisions. The following table summarizes information about the August 2020 Issued Notes and the offering thereof.
| Title of securities: | 0.750% Senior Notes due 2027 |
1.100% Senior Notes due 2031 |
2.000% Senior Notes due 2050 |
| Aggregate principal amount sold: | $500,000,000 | $1,000,000,000 | $1,750,000,000 |
| Maturity date: | August 15, 2027 | February 15, 2031 | August 15, 2050 |
| Public offering price: | 99.891% of the principal amount | 99.546% of the principal amount | 98.928% of the principal amount |
| Interest payment dates: | Semi-annually on each February 15 and August 15, commencing on February 15, 2021. | Semi-annually on each February 15 and August 15, commencing on February 15, 2021. | Semi-annually on each February 15 and August 15, commencing on February 15, 2021. |
| Coupon | 0.750% | 1.100% | 2.000% |
| Optional redemption: | Prior to June 15, 2027, make-whole call at the applicable U.S. treasury rate plus 10 basis points; par call at any time thereafter | Prior to November 15, 2030, make-whole call at the applicable U.S. treasury rate plus 10 basis points; par call at any time thereafter | Prior to February 15, 2050, make-whole call at the applicable U.S. treasury rate plus 15 basis points; par call at any time thereafter |
2022 Debt Issuance Structure
On May 24, 2022, the Company announced an offering of €1,350,000,000 of its 1.500% Senior Notes due 2026 (the “2026 Notes”), €1,000,000,000 of its 2.000% Senior Notes due 2029 (the “2029 Notes”) and €650,000,000 of its 2.375% Senior Notes due 2034 (the “2034 Notes,” and together with the 2026 Notes and 2029 Notes, the “2022 Issued Notes”).
The Company received net proceeds of approximately $3.14 billion, after deducting underwriting discounts and estimated offering expenses payable by the Company. The net proceeds from the offering of the 2022 Issued Notes will be used for general corporate purposes, which may include, among other things, the refinancing of existing indebtedness.
On June 15, 2026, the 2026 Notes matured. The Company paid the principal amount of €1.35 billion in accordance with the Indenture. The definitive form of note representing the 2026 Notes was filed as Exhibit 4.1 to the Company’s current report on Form 8-K filed on June 1, 2022.
The 2022 Issued Notes are unsecured obligations of the Company. The Indenture also contains customary event of default provisions. The following table summarizes information about the 2022 Issued Notes and the offering thereof.
| Title of securities: | 1.500% Senior Notes due 2026 |
2.000% Senior Notes due 2029 |
2.375% Senior Notes due 2034 |
| Aggregate principal amount sold: | €1,350,000,000 | €1,000,000,000 | €650,000,000 |
| Maturity date: | June 15, 2026 | June 15, 2029 | June 15, 2034 |
| Public offering price: | 99.542% of the principal amount | 99.675% of the principal amount | 99.030% of the principal amount |
| Interest payment dates: | Annually on each June 15, commencing on June 15, 2023. | Annually on each June 15, commencing on June 15, 2023. | Annually on each June 15, commencing on June 15, 2023. |
| Coupon: | 1.500% | 2.000% | 2.375% |
| Optional redemption: | Prior to May 15, 2026, make-whole call at the applicable Comparable Government Bond (as defined in the 2026 Note) plus 20 basis points; par call at any time thereafter | Prior to April 15, 2029, make-whole call at the applicable Comparable Government Bond (as defined in the 2029 Note) plus 20 basis points; par call at any time thereafter | Prior to March 15, 2034, make-whole call at the applicable Comparable Government Bond (as defined in the 2034 Note) plus 25 basis points; par call at any time thereafter |
2025 Debt Issuance Structure
On April 30, 2025, the Company announced an offering of €1,250,000,000 of its 2.250% Senior Notes due 2028 (the “2028 Notes”), €1,000,000,000 of its 3.125% Senior Notes due 2033 (the “2033 Notes”), €650,000,000 of its 3.500% Senior Notes due 2037 (the “2037 Notes”), and €600,000,000 of its 3.875% Senior Notes due 2044 (the “2044 Notes”) (the “2044 Notes,” and together with the 2028 Notes, 2033 Notes and 2037 Notes, the “2025 Issued Notes”).
The 2025 Issued Notes are unsecured obligations of the Company. The Indenture also contains customary event of default provisions. The following table summarizes information about the 2025 Issued Notes and the offering thereof.
| Title of securities: | 2.250% Senior Notes due 2028 |
3.125% Senior Notes due 2033 |
3.500% Senior Notes due 2037 |
3.875% Senior Notes due 2044 |
| Aggregate principal amount sold: | €1,250,000,000 | €1,000,000,000 | €650,000,000 | €600,000,000 |
| Maturity date: | May 15, 2028 | May 15, 2033 | May 15, 2037 | May 15, 2044 |
| Public offering price: | 99.462% of the principal amount | 99.993% of the principal amount | 99.480% of the principal amount | 98.801% of the principal amount |
| Interest payment dates: | Annually on each May 15, commencing on May 15, 2026. | Annually on each May 15, commencing on May 15, 2026. | Annually on each May 15, commencing on May 15, 2026. | Annually on each May 15, commencing on May 15, 2026. |
| Coupon: | 2.250% | 3.125% | 3.500% | 3.875% |
| Optional redemption: | Prior to April 15, 2028, make-whole call at the applicable Comparable Government Bond Rate (as defined in the 2028 Note) plus 10 basis points; par call at any time thereafter | Prior to February 15, 2033, make-whole call at the applicable Comparable Government Bond Rate (as defined in the 2033 Note) plus 15 basis points; par call at any time thereafter | Prior to February 15, 2037, make-whole call at the applicable Comparable Government Bond Rate (as defined in the 2037 Note) plus 15 basis points; par call at any time thereafter | Prior to November 15, 2043, make-whole call at the applicable Comparable Government Bond Rate (as defined in the 2044 Note) plus 20 basis points; par call at any time thereafter |
2026 Debt Issuance Structure
On February 3, 2026, the Company announced an offering of $900,000,000 of its 3.800% Senior Notes due 2029 (the “2029 Notes”), $750,000,000 of its 4.100% Senior Notes due 2031 (the “2031 Notes”), $700,000,000 of its 4.400% Senior Notes due 2033 (the “2033 Notes”) and $650,000,000 of its 4.700% Senior Notes due 2036 (the “2036 Notes,” and together with the 2029 Notes, the 2031 Notes and the 2033 Notes, the “2026 Issued Notes”).
The 2026 Issued Notes are unsecured obligations of the Company. The Indenture also contains customary event of default provisions. The following table summarizes information about the 2026 Issued Notes and the offering thereof.
| Title of securities | 3.800% Senior Notes due 2029 |
4.100% Senior Notes due 2031 |
4.400% Senior Notes due 2033 |
4.700% Senior Notes due 2036 |
| Aggregate principal amount sold | $900,000,000 | $750,000,000 | $700,000,000 | $650,000,000 |
| Maturity date | February 12, 2029 | February 12, 2031 | February 12, 2033 | February 12, 2036 |
| Public offering price | 99.885% of the principal amount | 99.866% of the principal amount | 99.744% of the principal amount | 99.881% of the principal amount |
| Interest payment dates | Semi-annually on each February 12 and August 12 commencing on August 12, 2026 | Semi-annually on each February 12 and August 12 commencing on August 12, 2026 | Semi-annually on each February 12 and August 12 commencing on August 12, 2026 | Semi-annually on each February 12 and August 12 commencing on August 12, 2026 |
| Coupon | 3.800% | 4.100% | 4.400% | 4.700% |
| Optional redemption | Prior to January 12, 2029, make-whole call at the applicable Treasury Rate (as defined in the 2029 Notes) plus 5 basis points; par call at any time thereafter | Prior to January 12, 2031, make-whole call at the applicable Treasury Rate (as defined in the 2031 Notes) plus 5 basis points; par call at any time thereafter | Prior to December 12, 2032, make-whole call at the applicable Treasury Rate (as defined in the 2033 Notes) plus 10 basis points; par call at any time thereafter | Prior to November 12, 2035, make-whole call at the applicable Treasury Rate (as defined in the 2036 Notes) plus 10 basis points; par call at any time thereafter |
Summary of Visa Inc. Credit Ratings
| Moody’s | Standard & Poor’s | ||
| Outlook | Stable | Outlook | Stable |
| Issuer Rating | Aa3 | LT Foreign Issuer Credit | AA- |
| Long Term Rating | Aa3 | LT Local Issuer Credit | AA- |
| Short Term Rating | P-1 | ST Foreign Issuer Credit | A-1+ |
| ST Local Issuer Credit | A-1+ |
Terms of Use
The information contained on this Fixed Income Investor Relations web site is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities.
The financial and other information that may be accessed on this Fixed Income Investor Relations web site speaks only as of the particular dates referenced in the information or the dates the information was originally issued. This information may have since become superseded as a result of later circumstances or events. Visa Inc. does not undertake any obligation, and disclaims any duty, to update this information. In addition, this information may contain forward-looking statements that are subject to various risks and uncertainties that could cause actual outcomes or results to differ materially from those expressed in or implied by any forward-looking statement. The risks and uncertainties that could affect the company’s actual outcomes or results are discussed more fully in our most recent Annual Report on Form 10-K, as well as any updated risks and uncertainties contained in subsequent reports filed with the Securities and Exchange Commission which can be found at www.investor.visa.com.