Cloudflare plans private offering of $2.18 billion convertible senior notes due 2031
NET•Convertible note offering terms
Cloudflare launched a private offering of $2.175 billion of convertible senior notes due 2031.
- Initial purchasers get an option to buy up to an additional $325 million, taking total potential issuance to $2.5 billion.
- The notes are senior unsecured, with semiannual interest, and are convertible into cash, Class A shares, or a mix at Cloudflare’s election.
- Proceeds are earmarked for capped call transactions, with the balance for general corporate purposes.
