Fenwick Represents Fortinet in $1 Billion Senior Notes Offering

Fenwick represented Fortinet (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, in 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. More information can be obtained from the company announcement.

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