Akamai prices $1.5B convertible notes due 2033, 0.25% coupon, $300M buyback

AKAMAI TECHNOLOGIES INC

$1.5B aggregate principal of 0.25% convertible senior notes due 2033, upsized from $1.35B.
Conversion price $93.01/share, ~20% premium over $77.51 closing price on May 14, 2025.
Net proceeds ~$1.479B; use includes $250M credit facility repayment, $239.1M note hedges, $300M share repurchase.
Initial purchasers have option for additional $225M notes; closing expected May 19, 2025.
Company entered convertible note hedge and warrant transactions to reduce dilution.

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