Backblaze $201.25 Million Convertible Notes Offering

Davis Polk advised the representative of the initial purchasers and the counterparties to capped call transactions in connection with Backblaze, Inc.'s offering. The transaction was a Rule 144A offering by Backblaze, Inc. of $201.25 million aggregate principal amount of 0.00% convertible senior notes due 2031, which included $26.25 million aggregate principal amount issued pursuant to the full exercise of the initial purchasers’ option to purchase additional convertible notes. Davis Polk also advised the counterparties to capped call transactions entered into in connection with the offering. Backblaze’s common stock is listed on the Nasdaq Global Market under the symbol BLZE. Backblaze provides the object storage layer powering AI infrastructure and data-intensive workloads at scale. Built over two decades, the company offers a platform delivering performance and economics for AI-era demands and serves more than 500,000 customers across 175 countries. Davis Polk advised the representative of the initial purchasers and the counterparties to the capped call transactions with a team composed by: capital markets partner John H. Runne and associates Megan P. Phansalkar and Alexander D. Langa; equity derivatives partners Mark J. DiFiore and Caitlin L. Wood; counsel M. Faisal Baloch and Joseph Luizzi; and associates Selena (Zhijun) Fu and Zifeng Zeng. Members of the Davis Polk team are based in the New York and London offices.

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Backblaze $201.25 Million Convertible Notes Offering

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Backblaze $201.25 Million Convertible Notes Offering

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