Akamai proposes two $1.1 billion convertible note offerings and amends credit covenants

Akamai announced a proposed private offering of $1.1 billion of 2028 convertible senior notes and $1.1 billion of 2031 convertible senior notes, subject to market conditions. On November 5, 2026, it also amended its credit agreement, raising the maximum leverage ratio covenant and tightening the limit on secured subsidiary debt, which the filing says applies through March 31, 2028.

Key points

• Two $1.1 billion offerings: 2028 notes maturing November 15, 2028, and 2031 notes maturing November 15, 2031, with an option for initial purchasers to buy up to an additional $150.0 million of each series.
• Proceeds are intended to repay part of the $1.15 billion 0.375% convertible notes due September 1, 2027, fund Cloud Infrastructure Services capital expenditures, pay hedge costs, and for general corporate purposes.
• Fourth Amendment dated November 5, 2026, with JPMorgan Chase Bank, N.A. as agent, sets the maximum leverage ratio at 6.25:1.00 for quarters ending December 31, 2026 and March 31, 2027, stepping down to 3.75:1.00 for the quarter ending March
• Akamai states there is no assurance the offering will be completed on the anticipated terms, or at all; pricing terms are yet to be set.

The filing

Items reported: 1.01 Material Definitive Agreement2.03 New Direct Financial Obligation8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 7:16 AM ET, from this filing only.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.