Fortinet Announces Pricing of $1.0 Billion Senior Notes Offering

SUNNYVALE, Calif., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Fortinet, Inc. (Nasdaq: FTNT) announced today that it has priced its underwritten, registered public offering of $1.0 billion aggregate principal amount of senior notes, consisting of $500.0 million aggregate principal amount 1.000% notes due 2026 and $500.0 million aggregate principal amount of 2.200% notes due 2031. The offering is expected to close on March 5, 2021, subject to the satisfaction of customary closing conditions.

Fortinet intends to use net proceeds from this offering for general corporate purposes, which may include additions to working capital, financing of capital expenditures, and we may also use the net proceeds of this offering 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. LLC are acting as joint book-running managers of the offering.

This offering is being made under an automatic effective shelf registration statement on Form S-3 filed by Fortinet with the Securities and Exchange Commission (the “SEC”) and only by means of a prospectus supplement and accompanying prospectus. Before you invest, you should read the prospectus supplement and accompanying prospectus, as well as other documents Fortinet has filed or will file with the SEC for more complete information about Fortinet and this offering. These documents may be obtained for free by searching the SEC online database (EDGAR) on the SEC website at Alternatively, copies of the preliminary prospectus supplement and accompanying prospectus, and, when available, the final prospectus supplement for the offering may be obtained by contacting: BofA Securities, Inc., 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department or by emailing, J.P. Morgan Securities LLC, 383 Madison Ave., New York, New York 10179, Attention: Investment Grade Syndicate Desk or by telephone at (212) 834-4533, Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, by telephone at (866) 718-1649 or by email at or Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: (212) 902-9316 or by emailing

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Fortinet

Fortinet (Nasdaq: FTNT) secures the largest enterprise, service provider, and government organizations around the world. Fortinet empowers its customers with complete visibility and control across the expanding attack surface and the power to take on ever-increasing performance requirements today and into the future. The Fortinet Security Fabric platform can address the most critical security challenges and protect data across the entire digital infrastructure, whether in networked, application, multi-cloud or edge environments.

Forward-looking Statements

This press release contains “forward-looking” statements within the meaning of applicable securities laws, including statements related to the anticipated terms of the offering, the anticipated closing of the offering, the expected use of proceeds of the offering and other statements that are not historical fact. These forward-looking statements can be identified by words such as “may,” “will,” “would,” “should, “could,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “project,” “forecast” and other similar expressions. Forward-looking statements are based upon various estimates and assumptions, as well as information known to Fortinet as of the date of this press release, and are inherently subject to numerous risks and uncertainties. These risks and uncertainties may be amplified by the COVID-19 pandemic, which has caused significant economic instability and uncertainty. Accordingly, actual results could differ materially from those predicted or implied by forward-looking statements. For the reasons discussed above, you should not place undue reliance on the forward-looking statements in this press release. Fortinet assumes no obligation to update such forward-looking statements, except as required by law.


Investor Contact:

Peter Salkowski
Fortinet, Inc.