secwatch.observer — SEC 8-K summary
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Issuer:     Cloudflare, Inc. (NET)
CIK:        0001477333
Form:       8-K
Filed at:   2026-08-13T21:01:16+00:00
Accession:  0000950103-26-012340
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1477333/000095010326012340/0000950103-26-012340-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1477333/000095010326012340/dp251721_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950103-26-012340

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer