Akamai Technologies completed two private offerings of senior unsecured convertible notes on November 12, 2026, raising $1.25 billion each, bearing interest at 1.00% and maturing on November 15, 2028 and 2031, respectively. The initial conversion prices are approximately $112.41 and $102.37 per share, representing premiums of 40.0% and 27.5% over the November 9, 2026 closing price of $80.29. Approximately $284.4 million will cover the costs of convertible note hedge transactions, while the remainder will fund a partial repayment of the $1.15 billion of 2027 convertible notes and capital spending for cloud infrastructure services. The new coupons are higher than the 0.375% rate on the 2027 notes, and the hedge transactions are designed to limit dilution, although the warrants sold to counterparties could create dilution if they are not settled in cash.
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