On January 22, 2020, Adobe Inc. entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein. The Underwriting Agreement provides for the issuance and sale by Adobe of $500,000,000 aggregate principal amount of the Company’s 1.700% Notes due 2023 (the “2023 Notes”), (ii) $500,000,000 aggregate principal amount of the Company’s 1.900% Notes due 2025 (the “2025 Notes”), (iii) $850,000,000 aggregate principal amount of the Company’s 2.150% Notes due 2027 (the “2027 Notes”), and (iv) $1,300,000,000 aggregate principal amount of the Company’s 2.300% Notes due 2030 (the “2030 Notes,” and, together with the 2023 Notes, the 2025 Notes and the 2027 Notes, the “Notes”). The Notes were issued and sold in a public offering pursuant to a registration statement on Form S-3 (File No. 333-229364) (the “Registration Statement”) filed on January 25, 2019, a related preliminary prospectus supplement filed with the Securities and Exchange Commission on January 22, 2020, and a related final prospectus supplement filed on January 24, 2020. The Underwriting Agreement contains customary representations, warranties and agreements by Adobe, and customary closing conditions, indemnification rights and termination provisions. The net proceeds from the sale of the Notes will be approximately $3.1 billion after deducting underwriting discounts and estimated offering expenses. Adobe intends to use the net proceeds for general corporate purposes, which, among other things, will include repaying the $900.0 million in outstanding aggregate principal amount of Adobe’s 4.750% senior notes due 2020, plus accrued and unpaid interest thereon, and its $2.25 billion unsecured term loan.
Adobe Inc. specializes in the development of software for content design, publication and visual distribution. Net sales break down by product family as follows:
- digital media software (73.3%): primarily creation, illustration, viewing, conversion and digital contents broadcasting;
- online marketing and business process management software (25.2%): web publishing, information security, business resources planning, document production management, application automation software, etc.;
- other (1.5%): software for high-definition printing, online training, etc.
Net sales break down by source of income between sales of subscriptions (94.2%), sales of services 3.4%; consulting, training, maintenance and technical support services) and sales of products (2.4%).
Net sales are distributed geographically as follows: the United States (53.9%), Americas (6.2%), Europe/Middle East/Africa (25.1%) and Asia/Pacific (14.8%).
ADOBE INC. 
