Akamai Completes $3.5B Convertible Senior Notes Offering

Akamai Technologies completed its previously announced offering of $1.75 billion in 0.00% Convertible Senior Notes due 2030 and $1.75 billion in 0.00% Convertible Senior Notes due 2032, totaling $3.5 billion. The offering included the full exercise of initial purchasers' options for additional notes. Akamai used $236.6 million of the net proceeds for convertible note hedge transactions and approximately $350.0 million to repurchase 2,476,298 shares of common stock. The remaining proceeds will fund accelerated capital expenditure for Cloud Infrastructure Services and for general corporate purposes.