Akamai closes $2.5 billion convertible senior notes offering
AKAM•Akamai Technologies closed a $2.5 billion private offering of convertible senior notes, comprising $1.25 billion of 1% notes due 2028 and $1.25 billion due 2031. Net proceeds were approximately $2.46 billion, with $284.4 million used to fund convertible note hedges, net of warrant proceeds.
1. Offering details
Akamai Technologies closed its previously announced $2.5 billion private offering of convertible senior notes. The issuance comprised $1.25 billion of 1% convertible senior notes due 2028 and $1.25 billion of notes due 2031.
2. Use of proceeds
Net proceeds totaled approximately $2.46 billion. Of that amount, $284.4 million funded convertible note hedges, net of warrant proceeds; remaining proceeds will help repay 2027 Convertible Notes, fund Cloud Infrastructure Services capital expenditures and support general corporate purposes.
