Akamai Technologies (AKAM) said Wednesday that it has priced its private offering of $1.5 billion of 0.25% convertible senior unsecured notes due May 15, 2033, upsized from $1.35 billion.
The company also granted the initial purchasers an option to buy up to an additional $225 million of the notes. The sale of notes is expected to close on Monday.
The conversion rate will initially be 10.7513 shares of Akamai's common stock per $1,000 of notes, which is equivalent to an initial conversion price of about $93.01 per share.
Akamai said it plans to use the net proceeds to repay about $250 million in borrowings outstanding under its revolving credit facility and to repay a portion of its $1.15 billion of 0.375% convertible senior notes due 2027.
The company also plans to use $239.1 million of the net proceeds to pay the cost of certain convertible note hedge transactions and about $300 million to repurchase shares of its common stock from purchasers of the notes in the offering.
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