Loan & DebtMay 20, 2026, 07:51 AM
Akamai Prices Upsized $3B Convertible Senior Notes Offering
AI Summary
Akamai Technologies, Inc. announced the pricing of an upsized private offering of $3.0 billion in aggregate principal amount of 0% convertible senior notes, consisting of $1.5 billion due 2030 and $1.5 billion due 2032. The offering was upsized from a previously announced $2.6 billion. Net proceeds, estimated at $2.958 billion, will primarily fund accelerated capital expenditures for its Cloud Infrastructure Services business and general corporate purposes, with $350 million allocated for share repurchases.
Key Highlights
- Priced $1.5 billion of 0% convertible senior notes due 2030.
- Priced $1.5 billion of 0% convertible senior notes due 2032.
- Offering upsized from previously announced $2.6 billion total.
- Initial conversion price for 2030 Notes is $201.41 per share (42.5% premium).
- Initial conversion price for 2032 Notes is $190.81 per share (35.0% premium).
- Estimated net proceeds are approximately $2,958.0 million.
- Intends to use $350 million of proceeds to repurchase common stock.
- Proceeds will fund Cloud Infrastructure Services capital expenditures.
Price Impact
More from AKAM