ANALOG DEVICES INCADI
ANALOG DEVICES INC Debt Disclosure
Debt
On June 16, 2025, in an underwritten public offering, the Company issued $850.0 million aggregate principal amount of 4.250% senior notes due June 15, 2028 (the 2028 Notes) and $650.0 million aggregate principal amount of 4.500% senior notes due June 15, 2030 (the 2030 Notes), in each case with semi-annual fixed interest payments due on June 15 and December 15 of each year, commencing December 15, 2025. The aggregate net proceeds of the offering were $1.5 billion, after discounts and issuance costs. Prior to May 15, 2028 with respect to the 2028 Notes and May 15, 2030 with respect to the 2030 Notes (the date that is one month prior to the maturity date of each series of notes), the Company may, at its option, redeem the 2028 or 2030 Notes, as applicable, in whole or in part, at any time and from time to time, at a redemption price 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 2028 Notes matured on June 15, 2028 and the 2030 Notes matured on June 15, 2030) on a semi-annual basis at the applicable treasury rate plus 10 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the 2028 or 2030 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after May 15, 2028 with respect to the 2028 Notes or May 15, 2030 with respect to the 2030 Notes, the Company may, at its option, redeem the 2028 or 2030 Notes, as applicable, 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 2028 or 2030 Notes, as applicable, being redeemed plus accrued and unpaid interest thereon to the redemption date. The 2028 and 2030 Notes are unsecured and rank equally in right of payment with all of the Company’s other existing and future unsecured senior indebtedness.
The Company’s debt consisted of the following as of November 1, 2025 and November 2, 2024:
| November 1, 2025 | November 2, 2024 | ||||||||||
Fixed-rate 3.500% Senior Notes due on December 5, 2026 | $ | 900,000 | $ | 900,000 | |||||||
Fixed-rate 3.450% Senior Notes due on June 15, 2027 | 440,212 | 440,212 | |||||||||
Fixed-rate 4.250% Senior Notes due on June 15, 2028 | 850,000 | — | |||||||||
Fixed-rate 1.700% Sustainability-Linked Senior Notes due on October 1, 2028 | 750,000 | 750,000 | |||||||||
Fixed-rate 4.500% Senior Notes due on June 15, 2030 | 650,000 | — | |||||||||
Fixed-rate 2.100% Senior Notes due on October 1, 2031 (1) | 1,000,000 | 1,000,000 | |||||||||
Fixed-rate 4.250% Senior Notes due on October 1, 2032 | 300,000 | 300,000 | |||||||||
Fixed-rate 5.050% Senior Notes due on April 1, 2034 | 550,000 | 550,000 | |||||||||
Fixed-rate 4.500% Senior Notes due on December 5, 2036 | 144,278 | 144,278 | |||||||||
Fixed-rate 2.800% Senior Notes due on October 1, 2041 | 750,000 | 750,000 | |||||||||
Fixed-rate 5.300% Senior Notes due on December 15, 2045 | 332,587 | 332,587 | |||||||||
Fixed-rate 2.950% Senior Notes due on October 1, 2051 | 1,000,000 | 1,000,000 | |||||||||
Fixed-rate 5.300% Senior Notes due on April 1, 2054 | 550,000 | 550,000 | |||||||||
| Total Long-Term Debt | 8,217,077 | 6,717,077 | |||||||||
Fixed-rate 2.950% Senior Notes due on April 1, 2025 | — | 400,000 | |||||||||
| Commercial paper notes | 446,639 | 547,738 | |||||||||
Total Short-Term Debt | 446,639 | 947,738 | |||||||||
| Unamortized discounts, debt issuance costs and fair value adjustments | (72,011) | (83,128) | |||||||||
| Total Debt | $ | 8,591,705 | $ | 7,581,687 | |||||||
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(1) Includes fair value adjustment related to interest rate swap related to outstanding debt. See Note 2i, Derivative Instruments and Hedge Agreements, for more information.
The indentures governing the Company’s senior notes contain covenants that, among other things, limit the Company’s ability to incur, create, assume or guarantee any debt for borrowed money secured by a lien upon a principal property; enter into certain sale and lease-back transactions with respect to a principal property; and consolidate with or merge into, or transfer or lease all or substantially all of its assets to, any other party. As of November 1, 2025, the Company was in compliance with all covenants under its debt agreements.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 25, 2025 | Showing above |
| 2024 | Nov 26, 2024 | |
| 2023 | Nov 21, 2023 | |
| 2022 | Nov 22, 2022 | |
| 2021 | Dec 3, 2021 | |
| 2020 | Nov 24, 2020 | |
| 2019 | Nov 26, 2019 | |
| 2018 | Nov 27, 2018 | |
| 2017 | Nov 22, 2017 | |
| 2016 | Nov 22, 2016 | |
| 2015 | Nov 24, 2015 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.