Cloudflare prices $1.75B convertible notes offering

June 13, 2025 03:51 AM PDT | By EODHD

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Cloudflare prices $1.75B convertible notes offering — Image source: Kalkine Media

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[Exterior view of Cloudflare headquarters, San Francisco] Sundry Photography/iStock Editorial via Getty Images Cloudflare (NYSE:NET [https://seekingalpha.com/symbol/NET]) has priced its private offering of $1.75B aggregate principal amount of Convertible Senior Notes due 2030. The company also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $250M aggregate principal amount of the notes solely to cover over-allotments. The notes will not bear regular interest will mature on June 15, 2030, unless earlier redeemed, repurchased, or converted in accordance with their terms. The notes will be convertible at an initial conversion rate of 4.0376 shares of Cloudflare’s Class A common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of ~$247.67 a share, which represents a conversion premium of ~45% to Cloudflare’s last reported sale price. The sale is expected to settle on June 17, 2025, subject to customary closing conditions, and result in approximately $1.72B in net proceeds (assuming no exercise of the initial purchasers’ option to purchase additional notes).

Cloudflare (NYSE:NET [https://seekingalpha.com/symbol/NET]) intends to use the proceeds from the offering to pay the cost of the capped call transactions and any remaining proceeds for general corporate purposes. NET -2.78% premarket. Source: Press Release [https://seekingalpha.com/pr/20135997-cloudflare-inc-announces-pricing-of-offering-of-1_75-billion-of-0-percent-convertible-senior] MORE ON CLOUDFLARE * Cloudflare Stock: Strong Key Metrics Driving The Rise In Share Price [https://seekingalpha.com/article/4790132-cloudflare-stock-strong-key-metrics-driving-the-rise-in-share-price] * Cloudflare: Investing To Grow [https://seekingalpha.com/article/4789606-cloudflare-investing-to-grow] * Cloudflare, Inc. (NET) Q1 2025 Earnings Call Transcript [https://seekingalpha.com/article/4784048-cloudflare-inc-net-q1-2025-earnings-call-transcript] * Cloudflare announces sizable $1.75B convertible notes offering [https://seekingalpha.com/news/4457408-cloudflare-announces-sizable-175b-convertible-notes-offering] * Cloudflare plans to offer $1.75B convertible senior notes in private offering [https://seekingalpha.com/news/4457387-cloudflare-plans-to-offer-175b-convertible-senior-notes-in-private-offering]

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