Datadog issues $1B 0% convertible notes due 2029, repurchases $112M of 2025 notes

Datadog, Inc.

$1B aggregate principal (0.00% coupon) convertible notes due Dec 1, 2029; initial conversion price ~$217.60/share (35% premium over $161.19 close).
Net proceeds of $979.0M; used $100.9M for capped call transactions and ~$196.8M to repurchase $112M principal of 0.125% 2025 notes.
Capped calls with cap price of $322.38/share (100% premium) to reduce potential dilution upon conversion.
Unwind of existing capped calls related to repurchased 2025 notes generates ~$54.7M cash termination payment.
Remaining net proceeds earmarked for general corporate purposes, including potential acquisitions or strategic investments.

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