Cloudflare announces proposed private offering of $2.175 billion convertible senior notes due 2031

The notes will be senior unsecured obligations, with interest paid semi-annually. They may be converted into cash, Class A shares, or a mix of cash and Class A shares.

Cloudflare said part of the proceeds is earmarked for capped call transactions, and the remaining funds will be used for general corporate purposes, including debt repayment.

Cloudflare launched a private offering of USD 2.18 billion convertible senior notes due 2031.

Initial purchasers will have an option to buy up to an additional USD 325 million of notes within 13 days of issuance.