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Fastly Announces Repurchase of 0% Convertible Senior Notes Due 2026
SAN FRANCISCO--(BUSINESS WIRE)-- Fastly, Inc. (NYSE: FSLY), one of the world’s fastest edge cloud platforms, today announced that it has entered into
About this update from Fastly, Inc.
[{"type":"text","content":" SAN FRANCISCO--(BUSINESS WIRE)--\nFastly, Inc. (NYSE: FSLY), one of the world’s fastest edge cloud platforms, today announced that it has entered into separate, privately negotiated transactions (the “Agreements”) with certain holders of its outstanding 0% Convertible Senior Notes due 2026 (the “Notes”) to repurchase (the “Repurchases”) approximately $236.4 million aggregate principal amount of the Notes for an aggregate cash repurchase price of approximately $195.0 million. The final aggregate cash repurchase price will be determined based on the sum of (i) approximately $195.0 million based on Fastly’s May 5, 2023 closing stock price of $11.78 per share of Class A common stock (the “common stock”) and (ii) an amount (which may be positive or negative) based in part on the daily volume-weighted average price per share of the common stock during a one-trading day pricing period following the execution of the Agreements. The actual amount of cash paid in the Repurchases could vary from the estimated aggregate repurchase price depending on changes in the trading price of the common stock during the measurement period. The Repurchases are expected to close on May 15, 2023, subject to customary closing conditions. Following the closing of the Repurchases, Fastly intends to cancel the repurchased Notes and, after such cancellation of repurchased Notes, approximately $477.4 million aggregate principal amounts of Notes will remain outstanding. The Repurchases could affect the market price of the common stock.\n\n\nThis press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any state or jurisdiction in which the offer, solicitation, or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.\n\n\nAbout Fastly\n\n\nFastly’s powerful and programmable edge cloud platform helps the world’s top brands deliver the fastest online experiences possible, while improving site performance, enhancing security, and empowering innovation at global scale. With world-class support that achieves 95%+ average annual customer satisfaction ratings, Fastly’s beloved suite of edge compute, delivery, and security offerings has been recognized as a leader by industry analyst...