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Object storage infrastructure has become a front-line capex decision across the sector as AI workloads drive data volumes higher. Against that backdrop, Backblaze, Inc.
(Nasdaq: BLZE) announced a proposed private offering of $150 million aggregate principal amount of Convertible Senior Notes due 2031, targeting qualified institutional buyers in a Rule 144A private placement.
The company intends to use a portion of the proceeds for capital expenditures and the remainder for general corporate purposes, according to an 8-K filing. BofA Securities is acting as lead bookrunner.
The notes will be senior, unsecured obligations, convertible into cash, Class A common stock, or a combination of both, at Backblaze's election.
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