Akamai prices $1.1B convertible notes due 2029, upsized from $1B

AKAMAI TECHNOLOGIES INC

Offers $1.1B principal of 1.125% notes due Feb 2029; initial purchasers have $165M over-allotment option.
Conversion price ~$126.31/share (22.5% premium over $103.11 closing price); net proceeds ~$1,084.5M.
Expects to use proceeds to repay part of $1.15B 0.125% notes due 2025 and $75M for share repurchases.
Enters convertible note hedge and warrant transactions to reduce dilution; net cost ~$127.3M.
Offering expected to close August 18, 2023; notes sold only to QIBs under Rule 144A.

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