NetApp prices $2 billion in senior notes, with maturities of 5 years to 10 years

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NetApp Inc. said Thursday that its offering of $2 billion in senior notes has priced, with maturities ranging from 2025 to 2030, and is expected to close on June 22. The cloud data services company is selling $750 million in 1.875% notes due 2025, $500 million in 2.375% in notes due 2027 and $700 million in 2.700% notes due 2030. In comparison, 5-year Treasury notes yielded 0.34% as of Wednesday’s close and the 10-year notes yielded 0.74%. NetApp’s credit is rated BBB+ at S&P Global Ratings, or 3 notches above “junk” territory. NetApp said it will use the proceeds from its notes offering for general corporate purposes, including repaying $500 million in 3.375% senior notes due 2021. The stock fell 1.2% in morning trading. It has dropped 31.5% year to date, while the S&P 500 has lost 4.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.