What changed
Cloudflare intends to offer $2.175 billion aggregate principal amount of convertible senior notes due 2031 in a private Rule 144A offering. Initial purchasers may get an option for up to an additional $325.0 million of notes. The notes mature on August 15, 2031, and will be convertible into cash, Class A common stock, or a combination at Cloudflare’s election. Cloudflare also expects to enter capped call transactions with a cap price initially at least 150% above the last reported sale price on the pricing date.
Why it matters
Cloudflare intends to offer $2.175 billion aggregate principal amount of convertible senior notes due 2031 in a private Rule 144A offering. Initial purchasers may get an option for up to an additional $325.0 million of notes. The notes mature on August 15, 2031, and will be convertible into cash, Class A common stock, or a combination at Cloudflare’s election. Cloudflare also expects to enter capped call transactions with a cap price initially at least 150% above the last reported sale price on the pricing date.
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Aug 14, 2026 06:14 PM ET