Akamai issues USD 1 bln in convertible notes

Wednesday 14 August 2019 | 09:29 CET | News

Akamai Technologies has raised USD 1 billion in an issue of convertible senior notes due 2027. They carry interest at a rate of 0.375 percent per year, payable semi-annually, and can be converted at a price of USD 116.18 per Akamai share, a 30 percent premium on the latest trading price. 

Akamai will use part of the proceeds to buy back stock from purchasers of the notes and hedge the convertible transactions. The remainder will go towards working capital and other general corporate purposes. 

The purchasers of the notes have an option to buy another USD 150 million of the debt.

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Categories: Internet
Companies: Akamai Technologies
Countries: World
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