Akamai Technologies Raises $1.08B Via Debt
Portfolio Pulse from Shivani Kumaresan
Akamai Technologies has priced its private offering of $1.1 billion in convertible senior notes due 2029. The company has also granted the initial purchasers an option to purchase up to an additional $165 million of notes. The net proceeds from this offering will be approximately $1.084 billion and will be used to repay a portion of its $1.15 billion of 0.125% Convertible Senior Notes due 2025 and to repurchase shares.
August 16, 2023 | 9:56 am
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Akamai Technologies' debt offering could potentially impact its stock price. The proceeds will be used to repay existing debt and repurchase shares, which could be seen as a positive move by investors.
The news of Akamai Technologies raising funds through a debt offering to repay existing debt and repurchase shares could be seen as a positive move by investors. This could potentially lead to an increase in the company's stock price in the short term.
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