Microsoft Corp. is ramping up its dividend for the first time in two years as it prepared to borrow billions of dollars. Its board of directors agreed on a quarterly dividend of 16 cents per share, an increase of 3 cents or 23 percent 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.

Microsoft’s stock barely budged in pre-market trading.