secwatch.observer — SEC 8-K summary
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Issuer:     Cloudflare, Inc. (NET)
CIK:        0001477333
Form:       8-K
Filed at:   2025-06-17T23:59:59+00:00
Accession:  0001104659-25-060250
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 issues $2.0B zero-coupon convertible notes due 2030; conversion premium 45%
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1477333/000110465925060250/0001104659-25-060250-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1477333/000110465925060250/tm2518033d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-060250

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