NEW YORK (CNNMoney.com) -- Microsoft Corp. is ramping up its dividend for the first time in two years as it prepared to borrow billions of dollars.
Microsoft said late Tuesday that its board of directors agreed on a quarterly dividend of 16 cents per share, an increase of 3 cents or 23% over the prior quarter's dividend. The dividend is payable Dec. 9 to holders of record on Nov. 18.
"The higher dividend, combined with our ongoing share repurchase program, reflects our commitment to returning capital to our shareholders and our confidence in the long-term growth of the company," said Microsoft Chief Executive Peter Klein, in a press release.
The software giant also said that its board of directors authorized $6 billion worth of commercial paper and long-term debt.
Instagram unveiled a new app this week called Bolt that mimics Snapchat's messaging functions. More
Restrictive immigration policies prevent talented entrepreneurs from launching businesses in the U.S. So, they're moving to Canada. More
From "grandparent scams" to fraudulent investments, schemes targeting the elderly are by far the worst, according to an annual survey from the Consumer Federation of America. More