Microsoft Raises $3.8B in Bond Sale

Microsoft is sitting on $25 billion in cash, so the company doesn't need the bond proceeds "unless they have something big in mind," says Reena Aggarwal, professor of finance at Georgetown University's McDonough School of Business.' Microsoft quietly, or not so quietly, raised some cheap cash in bond sales.  For a company that already has a huge cash war chest and doesn't carry debt, what is the incentive to sell nearly $4 billion in bonds?