Akamai Secures $1.725B in Convertible Notes Offering
Deal News | May 20, 2025 | Wilmer Cutler Pickering Hale and Dorr LLP
Akamai Technologies, Inc. successfully issued $1.725 billion in aggregate principal amount of 0.25% Convertible Senior Notes due 2033. The private offering was adequately represented by the legal expertise of Wilmer Cutler Pickering Hale and Dorr LLP (WilmerHale). Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., and Goldman Sachs & Co. LLC acted as representatives of the several initial purchasers for this placement. The offering was priced on May 14, 2025, and subsequently closed on May 19, 2025. The transaction also included the exercise of a $225 million greenshoe option, demonstrating a successful uptake from investors. WilmerHale's advisory team was composed of highly skilled professionals across various practice areas such as Capital Markets, Derivatives, Debt Finance, and Tax, ensuring comprehensive due diligence and strategic alignment in the financial maneuver. This highlights Akamai's robust market position and forward-looking financial strategies.
Sectors
- Capital Markets
- Legal Services
Geography
- United States – The companies involved in the transaction, such as Akamai Technologies and the initial purchasers, are based in the United States.
Industry
- Capital Markets – The article involves a significant financial transaction within capital markets, highlighting the issuance of convertible notes.
- Legal Services – WilmerHale's involvement as the legal advisor showcases the importance of legal services in executing large-scale financial offerings.
Financials
- $1.725 billion – Total principal amount of Convertible Senior Notes issued by Akamai Technologies.
- $225 million – Amount related to the exercise of the greenshoe option by the initial purchasers.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Akamai Technologies, Inc. | Target Company | Companies | A global company providing cloud services that enable enterprises to deliver secure and high-performing user experiences. |
| Wilmer Cutler Pickering Hale and Dorr LLP (WilmerHale) | Legal Advisor | Companies | A prominent law firm that represented Akamai Technologies in the Convertible Senior Notes offering. |
| Citigroup Global Markets Inc. | Initial Purchaser Representative | Companies | A leading financial services corporation involved as one of the initial purchasers for the offering. |
| J.P. Morgan Securities LLC | Initial Purchaser Representative | Companies | A major investment bank and financial services holding company acting as an initial purchaser. |
| Morgan Stanley & Co. LLC | Initial Purchaser Representative | Companies | An investment bank and financial services company acting as an initial purchaser for the offering. |
| BofA Securities, Inc. | Initial Purchaser Representative | Companies | A multinational investment bank involved as an initial purchaser in the transaction. |
| Goldman Sachs & Co. LLC | Initial Purchaser Representative | Companies | A global investment bank and financial services company acting as an initial purchaser for the offering. |
| Molly Fox, Liz Graffeo, Katharine Patterson, Sarah Matchett, Connor McRory, and Heidi Treiber | Advisors | People | Members of the WilmerHale Capital Markets team that advised Akamai. |