Google, a company with $36.6 billion in cash stuffed under its mattress, is about to offer up 3 billion dollars worth of Bonds. This offering is a first for the company and is also a bit curious, considering how much money they actually have at their disposal.
According to the SEC (via Business Insider), Google plans to use the cash to "repay outstanding commercial paper and for general corporate purposes." Money is relatively cheap to borrow at this point in time because of a low dollar valuation and low interest rates.
While it could be possible that Google is gearing up to purchase another company, Google has plenty of cash in its bank accounts to purchase nearly any company and would not need the additional capital. At this time, it is safe to assume that Google is using the cheap capital for corporate housekeeping and possible stock repurchase.
Google has been facing new fronts from Microsoft as the company looks to diminish Google's power in the search arena. Microsoft recently announced a mobile search deal with RIM and is also attacking Android with a massive announcement of the Nokia/WP7 deal.