04:16 PM EDT, 06/11/2025 (MT Newswires) -- Cloudflare ( NET ) said late Wednesday it plans a private offering of $1.75 billion of convertible senior notes due 2030 to qualified institutional buyers.

The company said it intends to grant initial buyers a 13-day option to buy up to an additional $250 million of notes.

The interest and conversion rates on the notes and other related terms will be established upon pricing of the offering, the company said.

Cloudflare ( NET ) said it plans to enter into capped call transactions with the buyers, and these transactions will cover the class A common shares underlying the notes.

The company added that it plans to use a part of the net proceeds to cover capped call transaction costs and for general corporate purposes.

Shares of the company were down 2.6% during after-hours trading.

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