Financing ·
Akamai prices $2.2 billion of convertible senior notes due 2028 and 2031
AKAMAkamai Technologies Inc
Akamai Technologies priced a private offering of $1.1 billion in 1.00% Convertible Senior Notes due 2028 and $1.1 billion in 1.00% Convertible Senior Notes due 2031, with an option for purchasers to buy an additional $300 million. The notes mature on November 15, 2028, and November 15, 2031, respectively, bearing interest payable semi-annually. Net proceeds are estimated at approximately $2.16 billion, or up to $2.46 billion if the option is exercised in full. Akamai intends to use the funds to repay its outstanding 2027 Convertible Notes and fund capital expenditures for its Cloud Infrastructure Services business. The company operates in the cloud computing and cybersecurity industry.