Google parent borrowing $10 billion to help defy racial inequity

Alphabet Inc. is selling $10 billion of bonds with rock bottom yields, in a rare debt sale that will help combat racial inequality, among other sustainability projects.

The parent company of Google is looking to fund organizations that support Black entrepreneurs, small and medium businesses impacted by Covid-19, as well as affordable housing, among other eligible proceeds listed in bond documents seen by Bloomberg. The borrowings can also be used to finance clean energy projects and green buildings.

Investors had placed as much as $31 billion in orders for the sale as of 11:15 a.m. in New York, according to a person with knowledge of the matter. The company was said to initially target a deal size of around $7 billion, the person said, asking not to be identified since the details are private.