** Shares of Akamai Technologies AKAM.O up 0.2% at $77.70 premarket after cybersecurity and cloud firm secures more capital than planned to refinance debt
** Cambridge, Massachusetts Akamai late Weds announced pricing private offering of $1.5 bln 0.25% convertible bonds (CBs) due 2033
** Initial conversion price of $93.01 represents 20% premium to stock's last close
** AKAM shares on Weds slipped 1.8% after co late Tues launched $1.35 bln offering to repay approx $250 in borrowings under 5-yr revolver and partially repay its $1.15 bln outstanding 0.375% CBs due 2027
** Co plans to use ~239.1 mln of net proceeds to pay for capped calls, and about $300 mln to repurchase shares from purchasers of the new CBs
** Through Weds close, AKAM shares down ~19% YTD vs Nasdaq's .IXIC 0.8% decline
** Of 22 analysts covering AKAM, recommendation breakdown is 12 "strong buy" or "buy", 9 "hold" and 1 "sell" and median PT is $100, latest LSEG data shows
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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