Axon launches $1.0B 0% convertible notes offering due 2031; upsizes revolver to $500M

AXON ENTERPRISE, INC.

Proposed $1.0B aggregate principal of 0% convertible senior notes due Sept 15, 2031; underwriters option for additional $150.0M over-allotment.
Goldman Sachs, Morgan Stanley, J.P. Morgan Securities, RBC Capital Markets and Citigroup Global Markets are joint lead book-running managers.
Second amendment to credit agreement upsizes revolving facility from $300.0M to $500.0M (plus $150.0M escalation option); maturity extended to ~Sept 18, 2031.
Net proceeds fund capped call transactions, general corporate purposes, growth and acquisitions; notes carry 0% interest with no accretion.
Holders can require repurchase on March 20, 2031 or upon fundamental change at 100% principal plus accrued special interest, if any.

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