Broadcom Inc.AVGO
Broadcom Inc. Debt Disclosure
Borrowings
| Effective Interest Rate | November 2, 2025 | November 3, 2024 | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
September 2025 Senior Notes | ||||||||||||||||||||
4.200% notes due October 2030 | 4.34 | % | $ | 1,000 | $ | — | ||||||||||||||
4.800% notes due February 2036 | 4.90 | % | 2,250 | — | ||||||||||||||||
4.900% notes due February 2038 | 4.99 | % | 1,750 | — | ||||||||||||||||
| 5,000 | — | |||||||||||||||||||
July 2025 Senior Notes | ||||||||||||||||||||
4.600% notes due July 2030 | 4.49 | % | (a) | 1,750 | — | |||||||||||||||
4.900% notes due July 2032 | 5.04 | % | 1,750 | — | ||||||||||||||||
5.200% notes due July 2035 | 4.77 | % | (a) | 2,500 | — | |||||||||||||||
| 6,000 | — | |||||||||||||||||||
January 2025 Senior Notes | ||||||||||||||||||||
4.800% notes due April 2028 | 5.03 | % | 1,100 | — | ||||||||||||||||
5.050% notes due April 2030 | 5.20 | % | 800 | — | ||||||||||||||||
5.200% notes due April 2032 | 5.34 | % | 1,100 | — | ||||||||||||||||
| 3,000 | — | |||||||||||||||||||
October 2024 Senior Notes | ||||||||||||||||||||
4.150% notes due February 2028 | 4.36 | % | 875 | 875 | ||||||||||||||||
4.350% notes due February 2030 | 4.51 | % | 1,500 | 1,500 | ||||||||||||||||
4.550% notes due February 2032 | 4.70 | % | 875 | 875 | ||||||||||||||||
4.800% notes due October 2034 | 4.38 | % | (a) | 1,750 | 1,750 | |||||||||||||||
| 5,000 | 5,000 | |||||||||||||||||||
July 2024 Senior Notes | ||||||||||||||||||||
5.050% notes due July 2027 | 5.27 | % | 1,250 | 1,250 | ||||||||||||||||
5.050% notes due July 2029 | 5.23 | % | 2,250 | 2,250 | ||||||||||||||||
5.150% notes due November 2031 | 5.30 | % | 1,500 | 1,500 | ||||||||||||||||
| 5,000 | 5,000 | |||||||||||||||||||
April 2022 Senior Notes | ||||||||||||||||||||
4.000% notes due April 2029 | 4.17 | % | 750 | 750 | ||||||||||||||||
4.150% notes due April 2032 | 4.30 | % | 1,200 | 1,200 | ||||||||||||||||
4.926% notes due May 2037 | 5.33 | % | 2,500 | 2,500 | ||||||||||||||||
| 4,450 | 4,450 | |||||||||||||||||||
September 2021 Senior Notes | ||||||||||||||||||||
3.137% notes due November 2035 | 4.23 | % | 3,250 | 3,250 | ||||||||||||||||
3.187% notes due November 2036 | 4.79 | % | 2,750 | 2,750 | ||||||||||||||||
| 6,000 | 6,000 | |||||||||||||||||||
March 2021 Senior Notes | ||||||||||||||||||||
3.419% notes due April 2033 | 4.66 | % | 2,250 | 2,250 | ||||||||||||||||
3.469% notes due April 2034 | 4.63 | % | 3,250 | 3,250 | ||||||||||||||||
| 5,500 | 5,500 | |||||||||||||||||||
| Effective Interest Rate | November 2, 2025 | November 3, 2024 | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
January 2021 Senior Notes | ||||||||||||||||||||
1.950% notes due February 2028 | 2.10 | % | 750 | 750 | ||||||||||||||||
2.450% notes due February 2031 | 2.56 | % | 2,750 | 2,750 | ||||||||||||||||
2.600% notes due February 2033 | 2.70 | % | 1,750 | 1,750 | ||||||||||||||||
3.500% notes due February 2041 | 3.60 | % | 3,000 | 3,000 | ||||||||||||||||
3.750% notes due February 2051 | 3.84 | % | 1,750 | 1,750 | ||||||||||||||||
| 10,000 | 10,000 | |||||||||||||||||||
June 2020 Senior Notes | ||||||||||||||||||||
3.459% notes due September 2026 | 4.19 | % | 752 | 752 | ||||||||||||||||
4.110% notes due September 2028 | 5.02 | % | 1,118 | 1,118 | ||||||||||||||||
| 1,870 | 1,870 | |||||||||||||||||||
May 2020 Senior Notes | ||||||||||||||||||||
3.150% notes due November 2025 | 3.29 | % | 900 | 900 | ||||||||||||||||
4.150% notes due November 2030 | 4.27 | % | 1,856 | 1,856 | ||||||||||||||||
4.300% notes due November 2032 | 4.39 | % | 2,000 | 2,000 | ||||||||||||||||
| 4,756 | 4,756 | |||||||||||||||||||
April 2020 Senior Notes | ||||||||||||||||||||
5.000% notes due April 2030 | 5.18 | % | 606 | 606 | ||||||||||||||||
April 2019 Senior Notes | ||||||||||||||||||||
4.750% notes due April 2029 | 4.95 | % | 1,655 | 1,655 | ||||||||||||||||
2017 Senior Notes | ||||||||||||||||||||
3.125% notes due January 2025 | 3.23 | % | — | 495 | ||||||||||||||||
3.875% notes due January 2027 | 4.02 | % | — | 2,922 | ||||||||||||||||
3.500% notes due January 2028 | 3.60 | % | 777 | 777 | ||||||||||||||||
| 777 | 4,194 | |||||||||||||||||||
Assumed VMware Senior Notes | ||||||||||||||||||||
4.500% notes due May 2025 | 5.81 | % | — | 750 | ||||||||||||||||
1.400% notes due August 2026 | 5.60 | % | 1,500 | 1,500 | ||||||||||||||||
4.650% notes due May 2027 | 5.60 | % | — | 500 | ||||||||||||||||
3.900% notes due August 2027 | 5.50 | % | 1,250 | 1,250 | ||||||||||||||||
1.800% notes due August 2028 | 5.44 | % | 750 | 750 | ||||||||||||||||
4.700% notes due May 2030 | 5.75 | % | 750 | 750 | ||||||||||||||||
2.200% notes due August 2031 | 5.74 | % | 1,500 | 1,500 | ||||||||||||||||
| 5,750 | 7,000 | |||||||||||||||||||
Assumed CA Senior Notes | ||||||||||||||||||||
4.700% notes due March 2027 | 5.15 | % | — | 215 | ||||||||||||||||
Other senior notes | ||||||||||||||||||||
4.500% notes due August 2034 | 4.55 | % | 6 | 6 | ||||||||||||||||
Total senior notes outstanding | 65,370 | 56,252 | ||||||||||||||||||
| Effective Interest Rate | November 2, 2025 | November 3, 2024 | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
4.540% term loan due May 2028 | 4.59 | % | 1,000 | — | ||||||||||||||||
4.489% term loan due May 2028 | 4.55 | % | 750 | — | ||||||||||||||||
| 2023 Term Loans - floating rate | ||||||||||||||||||||
SOFR plus 1.125% term loan due November 2026 | 6.23 | % | — | 5,595 | ||||||||||||||||
SOFR plus 1.125% term loan due November 2028 | 5.63 | % | — | 8,000 | ||||||||||||||||
| — | 13,595 | |||||||||||||||||||
Total term loans outstanding | 1,750 | 13,595 | ||||||||||||||||||
Total debt principal outstanding | $ | 67,120 | $ | 69,847 | ||||||||||||||||
| Current portion of principal amount outstanding | $ | 3,152 | $ | 1,245 | ||||||||||||||||
| Short-term finance lease liabilities | — | 26 | ||||||||||||||||||
Total short-term debt | $ | 3,152 | $ | 1,271 | ||||||||||||||||
| Non-current portion of principal amount outstanding | $ | 63,968 | $ | 68,602 | ||||||||||||||||
| Long-term finance lease liabilities | — | 13 | ||||||||||||||||||
| Unamortized discount and issuance costs | (1,984) | (2,320) | ||||||||||||||||||
| Total long-term debt | $ | 61,984 | $ | 66,295 | ||||||||||||||||
______________________________
(a) In addition to contractual interest, discount and issuance costs, the effective interest rate also includes reclassification of the cumulative gain from derivatives. See Note 2. "Summary of Significant Accounting Policies" for additional information for derivative instruments.
The senior notes and term loans are recorded net of discount and issuance costs, which are amortized to interest expense over the respective terms of such instruments.
Senior Notes
We may redeem or purchase, in whole or in part, any of our senior notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indentures governing the respective notes, plus accrued and unpaid interest. With the exception of the senior notes issued in September 2025, in the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. Each series of the senior notes pays interest semi-annually.
During fiscal year 2025, we issued senior unsecured notes for an aggregate principal amount of $3.0 billion in January 2025, $6.0 billion in July 2025, and $5.0 billion in September 2025. We repaid and redeemed a total of $4,882 million of senior notes.
Fixed-Rate Term Loans
We entered into a $750 million three-year term loan at a 4.489% fixed rate on May 2, 2025 and a $1.0 billion three-year term loan at a 4.540% fixed rate on May 9, 2025. Interest on the term loans is due quarterly. We are permitted to prepay the term loans at any time, subject to a specified make-whole premium determined in accordance with the credit agreements governing the respective term loans, plus accrued and unpaid interest.
2025 Credit Agreement
In January 2025, we entered into a credit agreement (the “2025 Credit Agreement”), which provides for a five-year $7.5 billion unsecured revolving credit facility, of which $500 million is available for the issuance of multi-currency letters of credit. The issuance of letters of credit under the revolving credit facility would reduce the aggregate amount otherwise available under such facility for revolving loans. Subject to the terms of the 2025 Credit Agreement, we are permitted to borrow, repay and reborrow revolving loans at any time prior to the earlier of (a) January 13, 2030 or (b) the date that the commitments are terminated either at our request or, if an event of default occurs, by the lenders. In connection with the 2025 Credit Agreement, we terminated the credit agreement entered into in January 2021, which provided for a five-year $7.5 billion unsecured revolving credit facility. We had no borrowings outstanding under our revolving credit facility at either November 2, 2025 or November 3, 2024.
Commercial Paper
In January 2025, we increased the maximum amount of our commercial paper program, pursuant to which we may issue unsecured commercial paper notes in an aggregate principal amount of up to $4.0 billion outstanding at any time with maturities of up to 397 days from the date of issue. Commercial paper is sold under customary terms in the commercial paper market and may be issued at a discount from par or, alternatively, may be sold at par and bear interest at rates dictated by market conditions at the time of issuance. The discount associated with the commercial paper is amortized to interest expense over its term. We had no commercial paper outstanding at either November 2, 2025 or November 3, 2024.
2023 Term Loans
On August 15, 2023, we entered into a credit agreement (the “2023 Credit Agreement”), which provided us with the ability to borrow term loans in connection with the VMware Merger. Upon completion of the VMware Merger, we entered a series of unsecured facilities for an aggregate principal amount of $30,390 million (the “2023 Term Loans”). The 2023 Term Loans bore interest, payable monthly or every three months at our election, at floating interest rates tied to the Secured Overnight Financing Rate (“SOFR”). Subject to the terms of the 2023 Credit Agreement, we were permitted to voluntarily make prepayments of the term loans without penalty. During fiscal year 2025, we repaid the remaining $13,595 million of 2023 Term Loans and terminated the 2023 Credit Agreement. As a result of these repayments, we wrote off unamortized discount and issuance costs of $118 million, which were included in interest expense in the consolidated statements of operations.
Fair Value of Debt
As of November 2, 2025, the estimated aggregate fair value of our debt was $64,609 million which was determined using quoted prices from less active markets or other observable inputs. All of our debt obligations are categorized as Level 2 instruments.
Future Principal Payments of Debt
The future scheduled principal payments of debt as of November 2, 2025 were as follows:
| Fiscal Year: | Future Scheduled Principal Payments | |||||||
| (In millions) | ||||||||
| 2026 | $ | 3,152 | ||||||
| 2027 | 2,500 | |||||||
| 2028 | 7,120 | |||||||
| 2029 | 4,655 | |||||||
| 2030 | 6,406 | |||||||
| Thereafter | 43,287 | |||||||
| Total | $ | 67,120 | ||||||
As of November 2, 2025 and November 3, 2024, we were in compliance with all debt covenants.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 18, 2025 | Showing above |
| 2024 | Dec 20, 2024 | |
| 2023 | Dec 14, 2023 | |
| 2022 | Dec 16, 2022 | |
| 2021 | Dec 17, 2021 | |
| 2020 | Dec 18, 2020 | |
| 2019 | Dec 20, 2019 | |
| 2018 | Dec 21, 2018 | |
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.