Akamai proposes $2.6B 0% convertible notes, $350M buyback, ups leverage covenant

AKAMAI TECHNOLOGIES INC

Offers $1.3B of 0% convertible notes due 2030 and $1.3B of 0% notes due 2032 to QIBs.
Initial purchasers may buy an additional $200M of each tranche; pricing terms to be set.
Plans to use ~$350M of net proceeds to repurchase shares from note purchasers.
Remaining net proceeds to fund accelerated capex for Cloud Infrastructure Services business.
Credit agreement amended to allow max consolidated leverage ratio of 4.75:1 for Q2/Q3 2026.

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