Benzinga | Feb 25, 2021 07:09AM EST

Fortinet Raises $1B Debt Via Senior Notes Offering

* Fortinet Inc (NASDAQ: FTNT) priced $500 million 1% notes due 2026 and $500 million 2.2% notes due 2031 in a debt offering.

* The offering is expected to close on March 5, 2021.

* Fortinet intends to utilize the offering proceeds for general corporate purposes, including additions to working capital, financing of capital expenditures, repayment debt, share buybacks, and acquisitions.

* BofA Securities, J.P. Morgan, Morgan Stanley, and Goldman Sachs are the joint book-running managers of the offering.

* FTNT stock has gained 43.79% in the last three months.

* Price action: FTNT shares closed higher by 0.64% at $169.85 on Wednesday.