Fixed Income Overview

The fixed income investor materials below are intended to assist current and potential creditors and counterparties in analyzing Visa Inc.

On December 9, 2015, Visa Inc. (the “Company”) announced an offering of $1,750,000,000 of its 1.200% Senior Notes due 2017 (the “2017 Notes”), $3,000,000,000 of its 2.200% Senior Notes due 2020 (the “2020 Notes”), $2,250,000,000 of its 2.800% Senior Notes due 2022 (the “2022 Notes”), $4,000,000,000 of its 3.150% Senior Notes due 2025 (the “2025 Notes”), $1,500,000,000 of its 4.150% Senior Notes due 2035 (the “2035 Notes”) and $3,500,000,000 of its 4.300% Senior Notes due 2045 (the “2045 Notes” and, together with the 2017 Notes, 2020 Notes, 2022 Notes, 2025 Notes and 2035 Notes, the “2015 Issued Notes”). 

The Company received net proceeds of approximately $15.9 billion, after deducting underwriting discounts and estimated offering expenses payable by the Company. The net proceeds will be used to fund a portion of the up-front cash consideration of the purchase price for the planned acquisition of Visa Europe Limited, which is more fully described in the Company’s current report on Form 8-K filed on November 2, 2015, and the remainder will be used for general corporate purposes. 

On September 11, 2017, the “Company” called for redemption all of the $1.75 billion principal amount outstanding of the 2017 Notes in accordance with the optional redemption provisions applicable thereto, as set forth in Article 3 of the Indenture dated as of December 14, 2015 (the “Indenture”) between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) as trustee, and in the definitive form of note representing the 2017 Notes. The Indenture and the 2017 Note were filed as Exhibit 4.1 and Exhibit 4.2, respectively, to the Company’s current report on Form 8-K filed on December 14, 2015. 

The redemption date for the 2017 Notes was October 11, 2017. The redemption price for the 2017 Notes will be calculated in accordance with the Indenture and the Note and will be equal to the greater of: 

1. 100% of the principal amount of the 2017 Notes, and 
2. the sum of the present values of the remaining scheduled payments of principal and interest on the 2017 Notes to December 14, 2017 (exclusive of interest accrued to October 11, 2017) discounted to October 11, 2017 on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Note) plus 5 basis points, plus, in either case, accrued and unpaid interest on the principal amount of the 2017 Notes being redeemed to, but not including, October 11, 2017. 

The 2020 Notes and 2022 Notes matured on December 14, 2020 and December 14, 2022, respectively. The Company paid the principal amount of $3 billion and $2.25 billion, respectively, in accordance with the Indenture. The definitive forms of note representing the 2020 Notes and 2022 Notes were filed as Exhibit 4.2 and Exhibit 4.3, respectively, to the Company's current report on Form 8-K filed on December 14, 2015.

The 2015 Issued Notes are unsecured obligations of the Company. The Indenture also contains customary event of default provisions. The following table summarizes information about the 2015 Issued Notes and the offering thereof. 

On September 6, 2017, the Company announced an offering of $1,000,000,000 of its 2.150% Senior Notes due 2022 (the “2022 Notes”), $750,000,000 of its 2.750% Senior Notes due 2027 (the “2027 Notes”) and $750,000,000 of its 3.650% Senior Notes due 2047 (the “2047 Notes,” and together with the 2022 Notes and 2027 Notes, the “2017 Issued Notes”). 

The Company received net proceeds of approximately $2.47 billion, after deducting underwriting discounts and estimated offering expenses payable by the Company. The net proceeds will be used for general corporate purposes, including the redemption of the Company’s outstanding 2017 Notes.

On September 15, 2022, the 2022 Notes matured. The Company paid the principal amount of $1 billion in accordance with the Indenture. The definitive form of note representing the 2022 Notes was filed as Exhibit 4.1 to the Company’s current report on Form 8-K filed on September 11, 2017.

The 2017 Issued Notes are unsecured obligations of the Company. The Indenture also contains customary event of default provisions. The following table summarizes information about the 2017 Issued Notes and the offering thereof.

On March 31, 2020, the Company announced an offering of $1,500,000,000 of its 1.900% Senior Notes due 2027 (the “2027 Notes”), $1,500,000,000 of its 2.050% Senior Notes due 2030 (the “2030 Notes”) and $1,000,000,000 of its 2.700% Senior Notes due 2040 (the “2040 Notes,” and together with the 2027 Notes and 2030 Notes, the “March 2020 Issued Notes”). 

The Company received net proceeds of approximately $3.96 billion, after deducting underwriting discounts and estimated offering expenses payable by the Company. The net proceeds will be used for general corporate purposes. 

The March 2020 Issued Notes are unsecured obligations of the Company. The Indenture also contains customary event of default provisions. The following table summarizes information about the March 2020 Issued Notes and the offering thereof. 

On August 10, 2020, the Company announced an offering of $500,000,000 of its 0.750% Senior Notes due 2027 (the “2027 Notes”), $1,000,000,000 of its 1.100% Senior Notes due 2031 (the “2031 Notes”) and $1,750,000,000 of its 2.000% Senior Notes due 2050 (the “2050 Notes,” and together with the 2027 Notes and 2031 Notes, the “August 2020 Issued Notes”). 

The Company received net proceeds of approximately $3.2 billion, after deducting underwriting discounts and estimated offering expenses payable by the Company. The net proceeds from the offering of the 2027 Notes will be used to fund Eligible Green Projects (as defined in the Company’s prospectus supplement dated August 10, 2020) and the net proceeds from the offering of the 2031 Notes and the 2050 Notes will be used for general corporate purposes. 

The August 2020 Issued Notes are unsecured obligations of the Company. The Indenture also contains customary event of default provisions. The following table summarizes information about the August 2020 Issued Notes and the offering thereof. 

On May 24, 2022, the Company announced an offering of €1,350,000,000 of its 1.500% Senior Notes due 2026 (the “2026 Notes”), €1,000,000,000 of its 2.000% Senior Notes due 2029 (the “2029 Notes”) and €650,000,000 of its 2.375% Senior Notes due 2034 (the “2034 Notes,” and together with the 2026 Notes and 2029 Notes, the “2022 Issued Notes”).

The Company received net proceeds of approximately $3.14 billion, after deducting underwriting discounts and estimated offering expenses payable by the Company. The net proceeds from the offering of the 2022 Issued Notes will be used for general corporate purposes, which may include, among other things, the refinancing of existing indebtedness.

The 2022 Issued Notes are unsecured obligations of the Company. The Indenture also contains customary event of default provisions. The following table summarizes information about the 2022 Issued Notes and the offering thereof.

The information contained on this Fixed Income Investor Relations web site is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities.
The financial and other information that may be accessed on this Fixed Income Investor Relations web site speaks only as of the particular dates referenced in the information or the dates the information was originally issued. This information may have since become superseded as a result of later circumstances or events. Visa Inc. does not undertake any obligation, and disclaims any duty, to update this information. In addition, this information may contain forward-looking statements that are subject to various risks and uncertainties that could cause actual outcomes or results to differ materially from those expressed in or implied by any forward-looking statement. The risks and uncertainties that could affect the company’s actual outcomes or results are discussed more fully in our most recent Annual Report on Form 10-K, as well as any updated risks and uncertainties contained in subsequent reports filed with the Securities and Exchange Commission which can be found at www.investor.visa.com.