ServiceNow's debt raise timing was either brave or informed, let's look at the primary evidence

I’ve been looking into ServiceNow’s recent debt raise, and the timing doesn’t add up. They hit a 52-week low three weeks ago, but then management went ahead and raised $4B in debt, including some 30-year paper at 6.3%. Their Q1 numbers that same month: $3.77B revenue, 22% YoY growth, 32% non-GAAP margin. Not a company that needs a debt raise. CFO Mastantuono mentioned something interesting on the earnings call: right now, about half of all new business is coming from non-seat-based deals. The li