Caterpillar raised €1.4 billion on August 25 through a new bond issuance. This marks the heavy-equipment manufacturer's largest-ever deal in the euro market. The offering included a two-year floating-rate note and a three-year fixed-rate note. Strong investor demand allowed the company to tighten pricing.
The capital raise follows Caterpillar's record-setting second-quarter financial results. The company announced these results on August 4. Caterpillar beat analyst expectations in its report. Revenue increased 24% year-over-year to $20.5 billion. Adjusted profit reached $8.17 per share.