ServiceNow is raising approximately $4bn through a US high-grade bond sale to refinance the term loan used to fund its $7.75bn acquisition of cybersecurity firm Armis Security. The term loan, drawn down in 2025, matures in October 2026. JPMorgan Chase, Wells Fargo, Barclays, and Citigroup are organizing investor calls ahead of the issuance. The refinancing extends ServiceNow's debt maturity profile, lowers interest expense, and frees up bank capacity. ServiceNow's Q1 2026 revenue grew 22% year-on-year, and its Now Assist AI platform is projected to exceed $1.5bn in annual contract value by year-end. Pricing on the new multi-tranche bond is expected later this week.
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