Nothing that is public that I've seen says this is true. You can get a bridge loan for $1b backed by whatever iliquid assets you have from any major bank, and then it's up to you how quickly you want to unwind other things. The loan might even be interest free if the bank wants to keep Adobe's business for other M&A activities.
Bridge loan with $1b liquidity in 4 days? Or are bridge loans essentially open lines of credit?
I used the term bridge loan as a sort of umbrella term that might be technically not the best as my training isn't in finance and I know some of this stuff from exposure by proximity. What I'm referring to sometimes is also called a revolving line of credit, the most famous case was Enron's revolvers for example. The point is big banks will normally allow companies to take out large short term loans for this type of thing, usually having large amounts pre-approved.
VISA moves .66 billion transactions a day. If each is only a bit over a dollar they move a similar volume.
Banks can handle this. But probably not for free.
It probably is in a bond or treasury note. The "within 3 days" probably covers the selling of the bond/treasury, waiting for the funds to clear, and then sending it over to Figma's account.
Or transfer the bonds/treasury to Figma directly? Why go through the hoop when Figma too will just covert it to bond/treasury anyway?
Is that allowed?
If Figma agrees that it satisfies the debt, why not?
I'm sure a company as big as Adobe has multiple billions in capacity on revolving lines of credit at attractive rates from a syndicate of top banks. They do have cash and short term investments of close to $8b to borrow against!
Typically they keep enough for business activities as cash and the rest go into cash equivalent / money market type things that earn some interest.