Backblaze plans private offering of USD 150 million convertible senior notes due 2031

Backblaze launched a private offering of USD 150 million Convertible Senior Notes due 2031 to qualified institutional buyers under Rule 144A.

• Notes convert into cash, Class A shares, or a mix at Backblaze’s election; key terms set at pricing.
• Initial purchasers may buy up to an extra USD 22.5 million of notes to cover over-allotments.
• Proceeds are earmarked for capped call costs; remaining funds will be used for general corporate purposes, including capital expenditures.
• Capped call hedging could drive near-term trading in Class A stock, potentially affecting share price and conversion dynamics.