GlobeNewswire·Nov 9, 2026, 6:24 AM ET

Akamai Announces Proposed Offering of Convertible Senior Notes

AKAM

Akamai Technologies proposes to issue $1.1 billion in aggregate principal amount of 2028 convertible senior notes & $1.1 billion in 2031 convertible senior notes.
Initial purchasers receive an option to buy an additional $150 million of the 2028 notes & $150 million of the 2031 notes.
The notes will be sold exclusively to qualified institutional buyers pursuant to Rule 144A.
Interest will be payable semi-annually in arrears on May 15 & November 15, commencing May 15, 2027.
The 2028 notes mature on November 15, 2028, & the 2031 notes mature on November 15, 2031.
Upon conversion, Akamai will pay cash up to the aggregate principal amount of the notes & may pay the remainder in cash, shares, or a combination at its election.
Akamai may redeem all notes of a series if less than 10% remains outstanding, at a price equal to principal plus accrued interest.
Net proceeds will be used to repay a portion of the outstanding 2027 Convertible Senior Notes, fund Cloud Infrastructure Services capital expenditures, & for general corporate purposes.
A portion of proceeds will cover convertible note hedge transactions, partially offset by proceeds from the sale of warrants.
Convertible note hedge transactions are expected to reduce potential dilution & offset cash payments in excess of the principal amount upon conversion.
Warrants will cover the same number of shares as the notes & may have a dilutive effect unless settled in cash.
Option counterparties may engage in derivative transactions & stock purchases following pricing, which could impact market prices.
Holders may require repurchase for cash at 100% of principal plus accrued interest if Akamai undergoes a fundamental change.
Specific interest rates, conversion rates, & offering prices will be determined at the time of pricing.

Company: Akamai Technologies, Inc.
Keywords: Nasdaq:AKAM, Akamai Technologies, Inc., Akamai, AKAM, convertible senior notes, debt offering, cloud infrastructure, corporate finance, debt issuance