Backblaze plans $150 million convertible notes offering, expands credit facility
Backblaze announced its intention to offer $150 million of Convertible Senior Notes due 2031 in a private offering to qualified institutional buyers, subject to market conditions, with an option for initial purchasers to buy up to $22.5 million more. The company plans to use part of the proceeds for capped call transactions, which are expected to reduce potential dilution to Class A shareholders upon conversion, and the rest for general corporate purposes, including capital expenditures. The filing also discloses a Fourth Credit Agreement amendment with Citizens Bank, N.A., and a planned Fifth Amendment that would raise the revolving credit facility from $20 million to $50 million, and the interest rate and conversion terms of the notes have not yet been set.
Key points
- Offering of $150 million aggregate principal of Convertible Senior Notes due 2031, with a 13-day option for up to an additional $22.5 million
- Net proceeds to fund capped call transactions, with the remainder for general corporate purposes including capital expenditures
- Planned Fifth Amendment would raise the revolving credit facility from $20 million to $50 million and extend its maturity from June 4, 2028 to April 30, 2030
The filing
Written by AI on Nov 9, 2026, 10:08 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 18, 2026.
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.