Akamai proposes $1B convertible notes due 2029; proceeds to refinance 2025 notes and buy back stock

AKAMAI TECHNOLOGIES INC

Offering $1B in convertible senior notes due 2029, plus up to $150M additional option to initial purchasers.
Net proceeds to repay $1.15B of 0.125% convertible notes due 2025, or pay cash upon conversion.
Approximately $68M of net proceeds used to repurchase common stock from note purchasers.
Interest payable semi-annually; final maturity February 15, 2029.
Company will enter convertible note hedge and warrant transactions to reduce potential dilution.

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