Akamai prices upsized offering of $3.0B in convertible notes

Akamai (AKAM) Technologies announced that it has priced its private offering of $1.5 billion in aggregate principal amount of 0% convertible senior notes due 2030 and $1.5 billion in aggregate principal amount of 0% convertible senior notes due 2032. The conversion rate of the 2030 Notes will initially be 4.9650 shares of Akamai’s common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $201.41 per share of Akamai’s common stock, subject to adjustments in certain events. The initial conversion price of the 2030 Notes represents a premium of approximately 42.5% to the $141.34 per share closing price of Akamai’s common stock on May 19, 2026. The conversion rate of the 2032 Notes will initially be 5.2408 shares of Akamai’s common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $190.81 per share of Akamai’s common stock, subject to adjustments in certain events. The initial conversion price of the 2032 Notes represents a premium of approximately 35.0% to the $141.34 per share closing price of Akamai’s common stock on May 19, 2026.