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Fastly Prices $825 Million 0% Convertible Senior Notes Offering (up 45% Conversion Premium)

Nachrichtenquelle: Business Wire (engl.)
03.03.2021, 06:32  |  157   |   |   

Fastly, Inc. (NYSE: FSLY), announced today the pricing of $825 million aggregate principal amount of 0% Convertible Senior Notes due 2026 (the “notes”) in a private placement (the “offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Fastly has increased the size of the offering from $750 million to $825 million (or $948.75 million if the initial purchasers’ option to purchase additional notes is exercised in full as described in following paragraph).

Fastly has also granted the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $123.75 million aggregate principal amount of notes from Fastly. The sale of the notes is expected to close on March 5, 2021, subject to customary closing conditions.

The notes will be general unsecured obligations of Fastly and will not bear regular interest, and the principal amount of the notes will not accrete. The notes will mature on March 15, 2026, unless earlier converted, redeemed or repurchased.

Fastly estimates that the net proceeds from the offering to Fastly will be approximately $807.8 million (or approximately $929.1 million if the initial purchasers exercise their option to purchase additional notes in full) after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by Fastly. Fastly expects to use the net proceeds from this offering for working capital and other general corporate purposes. Fastly may also use a portion of the net proceeds from this offering for acquisitions or strategic investments in complementary businesses or technologies. Fastly does not currently have any plans for any such acquisitions or investments.

Additional Details for the 0% Convertible Senior Notes due 2026

The notes will be convertible at the option of the holders in certain circumstances. Upon conversion, Fastly will pay or deliver, as the case may be, cash, shares of Fastly’s Class A common stock (the “common stock”) or a combination of cash and shares of common stock, at its election. The initial conversion rate is 9.7272 shares of Fastly’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $102.80 per share of Fastly’s common stock, which represents a conversion premium of approximately 45% to the last reported sale price of Fastly’s common stock on The New York Stock Exchange on March 2, 2021), and will be subject to customary anti-dilution adjustments.

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Fastly Prices $825 Million 0% Convertible Senior Notes Offering (up 45% Conversion Premium) Fastly, Inc. (NYSE: FSLY), announced today the pricing of $825 million aggregate principal amount of 0% Convertible Senior Notes due 2026 (the “notes”) in a private placement (the “offering”) to qualified institutional buyers pursuant to Rule 144A …

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