In papers filed with the securities and Exchange Commission, Google stated that it will use the proceeds to repay commercial paper debt and for general corporate purposes.
The 3-year notes sold at a volume of $1 billion are rated at 1.25%, the 5-year notes ($1 billion) at 2.125%, and the 10-year notes ($1 billion) at 3.635%.
There has been quite some activity on the bond market due to low borrowing rates. Microsoft, for example, raised some cash back in February to buy back shares in a similar activity. Cisco recently sold $4 billion floating rate notes and 6-year bonds, while eBay sold $1.5 billion in 3-, 5- and 10-year notes.
Despite its high profitability of about $11 billion per year as well as a free cash-flow of $7 billion and nearly $38 billion in cash and securities, Google currently actually has about $2 billion of commercial paper debt, which is somewhat unusual for a large high-tech company, but more common for more traditional industries.