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- The Notes Are Exclusively Our Obligations and Are Not Obligations of Our Subsidiaries. (new) — Structural subordination means noteholders are effectively junior to all subsidiary creditors, increasing risk if subsidiaries hold significant assets.
- The Indenture Governing the Notes Contains Only Very Limited Negative Covenants. (new) — Weak covenants provide little protection to noteholders, allowing the company to incur additional debt or engage in transactions that could impair repayment.
Workday files preliminary prospectus for four series of senior notes; terms and size not yet set
Filed October 21, 2026 · ~2 min read
Key Changes
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Workday is offering four series of senior unsecured notes, but the principal amount, interest rate, and maturity date for each series are left blank in the preliminary prospectus supplement.
The Offering verify on EDGAR → -
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The notes will be structurally subordinated to approximately $2.4 billion of subsidiary liabilities as of July 31, 2026, meaning subsidiary creditors rank ahead of noteholders.
The Offering verify on EDGAR → -
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Workday intends to use net proceeds to redeem its $1.0 billion 3.500% notes due April 1, 2027, with any remainder for general corporate purposes.
Use of Proceeds verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 21, 2026 · How we verify