Akamai Technologies shares rallied yesterday as the market responded to the company's successful pricing of a $2.2 billion convertible senior note offering.
Announced late on November 9 and finalized on the morning of November 10, the offering consists of $1.1 billion in notes due 2028 and $1.1 billion due 2031, both carrying a 1.00% interest rate. The company intends to use these proceeds to fund capital expenditures for its cloud infrastructure and to repay maturing 2027