On June 17, 2025, Cloudflare, Inc. issued $2.0 billion aggregate principal amount of 0% Convertible Senior Notes due 2030. The offering amount included the exercise in full of the option that Cloudflare had granted to the initial purchasers to purchase up to an additional $250 million of notes. In connection with the offering, Cloudflare entered into privately negotiated capped call transactions with certain of the initial purchasers or their respective affiliates and other financial institutions.
Wilson Sonsini Goodrich & Rosati advised Cloudflare on the transaction. The Wilson Sonsini team that advised Cloudflare on the transaction included:
Corporate
Allison Spinner
Bryan King
Andrew Gillman
Olivia Cusimano
Parris Bass
Corporate Finance
Erik Franks
Michael Rosati
Alex Weber
Roshanne Arathoon
Jiyoon Song
Derivatives
Andrew Ralston
Ryan Isola
Trevor Mathews
