Prepaid Forward

Voyager Technologies (VOYG) priced a $435 million private offering of 0.75% convertible senior notes due 2030, increased from an initial $300 million. Proceeds will fund expansion, share repurchases, and capped call transactions to offset dilution. The notes, offered to qualified institutional buyers, feature a conversion price of $30.98, a 30% premium over the November 6, 2025, share price. Voyager can redeem the notes after November 20, 2028, under specific conditions. A prepaid forward stock repurchase is also planned. The offering is expected to close on November 12, 2025.