JWCA advises Salesforce on its $25 billion bond issuance, $6 billion term loan facility, and historic $25 billion (largest ever) accelerated share repurchase

March 2026 | read press release

Transaction Background

Following dislocation in Salesforce Inc's ("Salesforce" or the "Company") stock and across the broader software sector, Salesforce announced a $50bn share buyback authorization with its FY2026 earnings release 

Shortly thereafter, the Company successfully executed a landmark $25bn ASR, funded by a new $25bn investment grade bond issuance, underscoring its commitment to driving capital returns and demonstrating confidence in its long-term business. Concurrently, Salesforce entered into a new $6bn unsecured term loan facility, extending the maturity of its outstanding Informatica acquisition-related term loan bridge financing

Salesforce’s objectives included:

  • Efficiently return capital to shareholders and support long-term shareholder value creation

  • Drive EPS accretion by immediately retiring a significant number of shares as part of the ASR program

  • Leverage strong investment grade bond market access to fund the ASR program with low-cost capital

  • Stagger debt maturities to maintain strategic flexibility and support future investments

  • Refinance shorter-dated term loans with a 5yr prepayable facility, supporting balance sheet optionality

Salesforce engaged J. Wood Capital Advisors to assist in the structuring, negotiation, documentation, and overall execution of each transaction. JWCA provided extensive support to optimize execution, including:

  • Designed and ran a competitive ASR bidding process in parallel with term loan syndication and bond preparation to drive pricing, minimize friction costs, and secure Company-favorable terms

  • Advised on bond launch strategy to maximize investor engagement and ensure successful execution

  • Considered refinancing outstanding term loans with a new facility relative to issuing additional bonds

  • Analyzed benefits / considerations of various ASR structures to align with Salesforce’s objectives

  • Evaluated and reviewed documentation to promote strategic and operational flexibility

  • Advised on Shareholder and public messaging

  • Advised on transaction timing to optimize execution in an extremely dynamic market environment

JWCA provided advice, support and analysis throughout the execution process

Results

Salesforce’s $25bn bond issuance was well received by investors:

  • The Company was able to raise $25bn in 8 tranches across the curve in a tough market backdrop, reflecting investor confidence in the Company’s financial strength

The Company refinanced existing term loans with a new term loan facility to extend maturities, maintain prepayable debt in its capital structure, and further bolster core banking relationships

Salesforce successfully executed the largest-ever ASR at $25bn, immediately retiring ~103mm shares

  • ASR auction produced meaningful savings for Salesforce, driving economics in the Company’s favor

The Company executed a $31bn financing package and record-setting $25bn ASR amid a volatile market backdrop shaped by geopolitical tensions in the Middle East

JWCA supported the management team throughout the execution process, providing strategic advice to facilitate a high-quality outcome