Cloudflare Issues $2.175 Billion Convertible Senior Notes

Cloudflare plans to privately issue a total of $2.175 billion in convertible senior notes, which includes $1.5 billion in principal amount of notes due in 2031 and an additional $750 million in principal amount of an overallotment option. The notes are unsecured debt that can be converted into Cloudflare's common stock, with the interest rate and conversion price to be determined during the pricing stage of the offering. The proceeds will be used for general corporate purposes.

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