** Shares of Akamai Technologies AKAM.O down 2.8% at $76.75 in extended trading as cloud co looks to raise capital to refinance debt
** Cambridge, Massachusetts Akamai offering privately $1.35 bln convertible bonds (CBs) due 2033
** Co plans to use net proceeds to repay approx $250 in borrowings under 5-yr revolver and repay portion of its $1.15 bln outstanding 0.375% CBs due 2027
** It also plans to use about $275 mln to repurchase shares from purchasers of the new CBs and pay for capped calls, derivative transactions used to offset share dilution
** Co has ~$11.5 bln market cap, according to LSEG data
** AKAM shares on Tues finished up 15 cents at $78.94. YTD, stock down 17.5%
** Of 24 analysts covering AKAM, recommendation breakdown is 13 "strong buy" or "buy", 10 "hold" and 1 "sell" - LSEG
** Median PT of $100 down from $105 a month ago and from $115 on Feb 13
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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