Cloudflare down after announcing $1.75 bln convertible bond offering

Shares of software firm Cloudflare NET.N down 2.4% post-market to $175.35 after capital raise news

San Francisco-based co announces $1.75 bln convertible notes due 2030

It plans to use net offering proceeds for general purposes, which may include working capital, capex, debt repayment, potential acquisitions

Co also intends to to portion of proceeds to pay for capped calls, derivative transactions to mitigate shareholder dilution

It has ~$62 bln market cap, per LSEG data

NET shares on Weds edged up 0.2% to close at $179.71, up 67% YTD

Of 34 analysts covering NET, 20 rate stock "strong buy" or "buy", 12 rate "hold" and 2 rate "sell" or "strong sell"; median PT is $151, according to latest LSEG data