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- Covenant Violation (new) — The company negotiated a temporary increase in its leverage covenant limit, suggesting potential difficulty meeting the original covenant threshold.
Akamai raises leverage covenant to 4.75x, announces $2.6B convertible debt offering
Filed May 18, 2026 · Period ending May 18, 2026 · ~1 min read
Key Changes
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Akamai amended its credit facility for the third time in 13 months, raising its maximum leverage ratio to 4.75:1.00 for Q2 and Q3 2026—suggesting the company may be approaching its original debt covenant limits.
Item 1.01 verify on EDGAR → -
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The company announced plans to raise $2.6 billion through convertible senior notes ($1.3B due 2030, $1.3B due 2032) in a private offering to institutional buyers, which could dilute shareholders if converted to equity.
Item 8.01 verify on EDGAR → -
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The covenant relief is temporary, applying only to the quarters ending June 30 and September 30, 2026, indicating near-term financial pressure rather than a permanent restructuring.
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Source-verified from EDGAR · Narrative written by AI · May 27, 2026 · How we verify