Fastly Issues $150 Million in Convertible Notes due 2028

MT Newswires Live

Dec 03, 2024

Fastly (FSLY) said late Monday that it has signed separate, privately negotiated agreements to issue $150 million in 7.75% convertible senior notes due 2028.

The initial conversion rate is 50.6586 shares per $1,000 principal, equivalent to a conversion price of $19.74 per share, the cloud-services company said.

The gross proceeds of the issuance will be used to repurchase $157.9 million of the company's existing 0.00% convertible senior notes due 2026, the company added.

Additionally, Fastly said it has entered into separate, privately negotiated repurchase agreements with a number of holders of its existing convertible notes to repurchase $157.9 million of those notes for $150 million.

The transactions are expected to be settled on Thursday.

Shares of the company were up more than 1% in recent Tuesday premarket activity.

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