Financing ·
Akamai proposes $2.2B convertible notes due 2028 and 2031 to refinance maturing debt
AKAMAkamai Technologies Inc
Akamai Technologies announced a proposed private offering of $1.1 billion in Convertible Senior Notes due 2028 and $1.1 billion in Convertible Senior Notes due 2031, subject to market conditions. The company intends to use net proceeds to repay its maturing $1.15 billion in 0.375% Convertible Senior Notes due September 2027 and fund capital expenditures for its Cloud Infrastructure Services business. Concurrently, Akamai entered into Amendment No. 4 to its credit agreement, increasing the maximum consolidated leverage ratio to 6.25:1.00 through March 2027 while tightening restrictions on secured subsidiary indebtedness. Akamai operates in the cloud infrastructure and cybersecurity industry.