Akamai issues $1.725B of 0.25% convertible notes due 2033, uses $300M to buy back shares

AKAMAI TECHNOLOGIES INC

$1.725B aggregate principal of 0.25% Convertible Senior Notes due May 15, 2033; initial conversion price ~$93.01 (20% premium).
Net proceeds used: $300M to repurchase 3,870,468 shares at $77.51, $275M for hedge cost, $250M to repay revolver.
Entered convertible note hedge and warrant transactions to reduce potential dilution from conversion.
Notes sold in private placement to QIBs; not redeemable before maturity; holders can force repurchase in 2031 if stock below conversion price.
Also intends to repay $250M of revolver and part of $1.15B 0.375% 2027 notes.

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