Akamai Seeks $2.6 Billion in Convertible Bonds on May 19

According to Bloomberg, Akamai is seeking to raise $2.6 billion through two zero-coupon convertible bond offerings priced on May 19, with proceeds to fund cloud infrastructure and capital expenditure. The company plans to allocate $350 million for common stock buybacks and the remainder for hedging costs and global network expansion.

Anthhropic signed a $1.8 billion computing deal with Akamai, the company's largest agreement in history. The convertible bond terms carry conversion premiums of 37.5% to 42.5% for 2030 notes and 30% to 35% for 2032 notes.