Google (GOOG) Selling First Bonds

Google (NASDAQ:GOOG) announced it will be selling its first corporate bonds ever, launching a $3 billion multi-tranche offering.

Included in the issuance will be three-, five- and 10-year tranches, which are expected to be sold sometime later in the day. JP Morgan (NYSE:JPM), Goldman Sachs (NYSE:GS) and Citigroup (NYSE:C) are joint bookrunners on the offering.

The offering will be for $1 billion in each tranch.

A Google spokesman said, "We plan to use the proceeds to repay outstanding commercial paper and for general corporate purposes."

The bonds are rated Aa2 by Moody's Investors Service (NYSE:MCO) and AA- by Standard & Poor's. Settlement has been set for May 19.