AKAMAI TECHNOLOGIES INC (AKAM): debt financing — 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.

item 1.01 item 8.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AKAMAI TECHNOLOGIES INC incurred convertible notes of $1,725,000,000 with Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC at 0.25% per year, payable semiannually in arrears on May 15 and November 15 of eac maturing May 15, 2033.

Instrument: convertible notes
Principal: $1,725,000,000
Counterparty: Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC
Rate: 0.25% per year, payable semiannually in arrears on May 15 and November 15 of eac
Maturity: May 15, 2033
Event: incurrence

Exact text from the filing

buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of the Notes sold in the offering was $1.725 billion, which includes $225.0 million in aggregate principal amount of Notes issued pursuant to the Initial Purchasers’ option to purchase Notes on the same terms and conditions, which

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Source: SEC EDGAR

accession 0001193125-25-122451

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