---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-155487"
form_type: "8-K"
ticker: "ZS"
cik: "0001713683"
company_name: "Zscaler, Inc."
filed_at: "2025-07-03T23:59:59+00:00"
generated_at: "2026-05-18T09:28:09.066096+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Zscaler prices $1.725B zero-coupon convertible notes; conversion premium 40% at $439.52

## Summary
- Issued $1.725B aggregate principal amount of 0.00% Convertible Senior Notes due 2028.
- Conversion rate is 2.2752 shares per $1,000 principal; initial conversion price ~$439.52 (40% premium).
- Net proceeds ~$1.70B; used $197M for capped calls; remainder for general corporate purposes, including M&A.
- Capped call transactions entered to reduce dilution; cap price $784.85/share (150% premium).
- Notes mature July 15, 2028; no regular interest; convertible under certain conditions; not redeemable by Zscaler.

## SEC filing metadata
- accession: 0001193125-25-155487
- form_type: 8-K
- ticker: ZS
- cik: 0001713683
- company_name: Zscaler, Inc.
- filed_at: 2025-07-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1713683/000119312525155487/0001193125-25-155487-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1713683/000119312525155487/d857852d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-155487
- JSON: https://secwatch.observer/filing/0001193125-25-155487.json
- Plain text: https://secwatch.observer/filing/0001193125-25-155487.txt

## Key facts
- Debt Financings
  Zscaler, Inc. incurred convertible notes of $1.725 billion with U.S. Bank Trust Company, National Association at 0.00% maturing July 15, 2028.
  - Instrument: convertible notes
  - Principal: $1.725 billion
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 0.00%
  - Maturity: July 15, 2028
  - Event: incurrence
  source text: issued an aggregate of $1.725 billion principal amount of its 0.00% Convertible Senior Notes due 2028
  evidence_url: https://www.sec.gov/Archives/edgar/data/1713683/000119312525155487/0001193125-25-155487-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.