Monitor use of proceeds in upcoming quarterly filings for debt paydown or M&A signals. The 4.850% coupon on the 2029 tranche is competitive relative to current investment-grade benchmarks; any subsequent debt-funded acquisition could pressure credit spreads. The T+7 settlement cycle may create temporary technical pressure on the common stock as arbitrage desks hedge.
Price Chart
Executive Summary
Motorola Solutions closed an underwritten public offering of $350M in 4.850% senior notes due 2029 and $600M in 5.650% senior notes due 2036, raising $950M in total. The proceeds are for general corporate purposes, and the notes carry make-whole call provisions and change-of-control put rights. This is a routine debt capital markets transaction that modestly increases leverage but locks in long-term fixed-rate funding at attractive spreads (T+55bps and T+100bps).
Key Facts
- $350M of 4.850% senior notes due 2029 issued at 99.989% of par
- $600M of 5.650% senior notes due 2036 issued at 99.841% of par
- Settlement date August 17, 2026 (T+7)
- Notes are senior unsecured obligations ranking equally with existing debt
- Make-whole call: 2029 notes at T+10bps, 2036 notes at T+15bps prior to par call dates
- Change-of-control repurchase at 101% of principal plus accrued interest
- Joint book-runners: J.P. Morgan, Citigroup, BofA, Deutsche Bank, Goldman Sachs, Mizuho, TD Securities
- Underwriters purchase price: 99.639% for 2029 notes, 99.341% for 2036 notes
Financial Impact
$950M aggregate principal amount of new senior notes issued
Risk Factors
- Increased leverage from $950M of new debt
- Interest expense will rise by ~$52M annually at stated coupons
- Potential for future debt-funded M&A that could pressure credit ratings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-354035 |
| Document: d143399dex43.htm | 0001193125-26-354035 |
| Document: d143399dex44.htm | 0001193125-26-354035 |
| Document: d143399d8k.htm | 0001193125-26-354035 |
| Document: d143399dex42.htm | 0001193125-26-354035 |
| Document: d143399dex51.htm | 0001193125-26-354035 |
| Document: 0001193125-26-354035-index-headers.html | 0001193125-26-354035 |
| Document: 0001193125-26-354035-index.html | 0001193125-26-354035 |
| Document: 0001193125-26-354035.txt | 0001193125-26-354035 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 17, 2026 6w ago | 8-K | $469.50 $464.94 | ▼ −0.97% | ▲ +0.02% | $447.73 (−4.64%) |
Aug 14, 2026 6w ago | Insider Cluster | $457.08 $469.14 | ▲ +2.64% | ▲ +4.62% | $447.73 (−2.05%) |
May 14, 2026 20w ago | Court Ruling | $399.33 $412.25 | ▲ +3.24% | ▲ +4.09% | $447.73 (+12.12%) |
May 7, 2026 21w ago | 8-K | $383.99 $410.34 | ▲ +6.86% | ▲ +6.84% | $447.73 (+16.60%) |
Mar 30, 2026 26w ago | Court Ruling | $426.78 $434.74 | ▲ +1.87% | ▼ −10.73% | $447.73 (+4.91%) |
Feb 28, 2026 30w ago | Institutional Cluster | $484.83 $426.78 | ▼ −11.97% | ▼ −4.03% | $447.73 (−7.65%) |
Feb 26, 2026 31w ago | Insider Cluster | $470.71 $450.01 | ▼ −4.40% | ▲ +2.01% | $447.73 (−4.88%) |
Feb 26, 2026 31w ago | Insider Cluster | $470.71 $450.01 | ▼ −4.40% | ▲ +2.01% | $447.73 (−4.88%) |
Feb 26, 2026 31w ago | Insider Cluster | $470.71 $450.01 | ▼ −4.40% | ▲ +2.01% | $447.73 (−4.88%) |
US Market Status
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