Fortinet’s $1 Billion Notes Offering

Fenwick & West LLP advised Fortinet on the deal.

Fortinet (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, announced its underwritten, registered public offering of $1 billion aggregate principal amount of senior notes, consisting of $500 million aggregate principal amount 1% notes due 2026 and $500 million aggregate principal amount of 2.2% notes due 2031.

Fortinet intends to use net proceeds from this offering for general corporate purposes, which may include additions to working capital and financing of capital expenditures. The company may also use the net proceeds for repayment or redemption of outstanding indebtedness, share repurchases, and future acquisitions and strategic investment opportunities.

BofA Securities, J.P. Morgan, Morgan Stanley and Goldman Sachs & Co. are acting as joint book-running managers of the offering. The offering is expected to close on March 5, 2021, subject to the satisfaction of customary closing conditions. 

The Fenwick transaction team included corporate partners David Michaels (Picture) and Ran Ben-Tzur and associates Soo Hwang, Ari Haber, Alice Lin and R. Harrison Dilday; and securities litigation partner Jay Pomerantz.

Involved fees earner: Ran Ben-Tzur – Fenwick & West LLP; Harrison Dilday – Fenwick & West LLP; Ari Haber – Fenwick & West LLP; Soo Hwang – Fenwick & West LLP; Alice Lin – Fenwick & West LLP; David Michaels – Fenwick & West LLP; Jay Pomerantz – Fenwick & West LLP;

Law Firms: Fenwick & West LLP;

Clients: Fortinet, Inc.;

Author: Martina Bellini