{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-060250","form_type":"8-K","ticker":"NET","cik":"0001477333","company_name":"Cloudflare, Inc.","filed_at":"2025-06-17T23:59:59+00:00","discovered_at":"2026-05-14T18:02:48.414911+00:00","generated_at":"2026-05-19T04:32:35.799597+00:00","sec_items":["1.01","2.03","3.02","8.01","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Cloudflare issues $2.0B zero-coupon convertible notes due 2030; conversion premium 45%","bullets":["$2.0B aggregate principal of 0% Convertible Senior Notes due 2030; net proceeds ~$1.971B after discounts and expenses.","Initial conversion price ~$247.67/share (45% premium to $170.81 closing on June 12).","Used ~$283.4M of proceeds to enter capped call transactions with cap price ~$469.73/share (175% premium).","Remainder for general corporate purposes, including working capital, capex, debt repayment, or acquisitions.","Credit agreement amended to allow deduction of up to $1.0B of convertible indebtedness (beyond 2026 notes) from net leverage ratio."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-060250","json":"https://secwatch.observer/filing/0001104659-25-060250.json","markdown":"https://secwatch.observer/filing/0001104659-25-060250.md","text":"https://secwatch.observer/filing/0001104659-25-060250.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1477333/000110465925060250/0001104659-25-060250-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1477333/000110465925060250/tm2518033d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-19T04:32:35.799597+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"bc59b9acd1949238736585b8dd338269dbfe0618","claim":"Cloudflare, Inc. incurred convertible notes of $2.0 billion aggregate principal amount at 0% maturing June 15, 2030.","evidence_excerpt":"On June 17, 2025, Cloudflare, Inc. (the “Company”) issued $2.0 billion aggregate principal amount of 0% Convertible Senior Notes due 2030 (the “Notes”) pursuant to an indenture, dated June 17, 2025 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1477333/000110465925060250/0001104659-25-060250-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$2.0 billion aggregate principal amount"},{"label":"Rate","value":"0%"},{"label":"Maturity","value":"June 15, 2030"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}