Akamai Prices $2.2 Billion Convertible Notes for Debt, Cloud Spending

Akamai Technologies, Inc. priced $2.2 billion in convertible senior notes on Nov. 9, setting interest and conversion terms for a financing intended to refinance part of its 2027 debt and fund cloud infrastructure spending. The offering consists of $1.1 billion in notes due Nov. 15, 2028, and $1.1 billion in notes due Nov. 15, 2031. Both series carry 1% interest. Their initial conversion prices are about $112.41 per share for the 2028 notes and $102.37 for the 2031 notes. Akamai granted initial purchasers an option to buy up to an additional $150 million of each series. The offering is expected to close Nov. 12.

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