Cloudflare raises $2.5B in 0% convertible notes due 2031; conversion premium 60%

Cloudflare, Inc.

$2.5B aggregate principal of 0% convertible senior notes due 2031; net proceeds ~$2.462B.
Initial conversion price $496.94/share, ~60% premium to $310.59 close on Aug 10, 2026.
$259.5M used for capped call transactions; remainder for general corporate purposes.
Notes mature Aug 15, 2031; redeemable after Aug 20, 2029 under conditions.
Credit agreement amended to cap cash deduction at $2.0B in leverage ratio.

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