Google has filed a required shelf registration (Form S-3) with the Securities and Exchange Commission that authorizes the potential sale of stock or borrowing. Google doesn't have to do so, but the filing gives it the ability to do so if it chooses. There is some speculation Google might want to borrow as much as $3 billion, rather than issue new shares. Firms sometimes take on new lines of credit simply because they can do so at favorable rates, not necessarily because the cash has some immediate and obvious purpose beyond increasing liquidity.
Google has about $25 billion cash on hand, already.
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