Key Developments – Debt Offering & Credit Facility Amendment
1. $1.75 Billion Senior Notes Offering
Issuer: Axon Enterprise, Inc.
Total Aggregate Principal Amount: $1.75 billion
Breakdown:
$1 billion of 6.125% Senior Notes due 2030
$750 million of 6.250% Senior Notes due 2033
Use of Proceeds:
General corporate purposes
Potential redemption of 0.50% Convertible Senior Notes due 2027
Growth capital, acquisitions, and product investments
2. Redemption & Repurchase Terms
✔ 2030 Notes: Callable starting in 2027, initially at 103.063% of principal
✔ 2033 Notes: Callable starting in 2028, initially at 103.125% of principal
✔ Both series allow for up to 40% redemption using equity proceeds before 2027/2028 at premium rates

3. Credit Agreement Amendment
Increased Revolving Credit Facility:
Expanded by $100 million to $300 million
Ability to further increase by an additional $100 million
Extended Maturity: Pushed from 2027 to 2030
New Letter of Credit Availability: Increased by $20 million to $50 million
Covenants & Financial Metrics:
Max Net Leverage Ratio: ≤ 3.50x (up to 4.50x after acquisitions)
Min Interest Coverage Ratio: ≥ 3.50x
4. Market & Investor Implications
✅ Strengthens Axon's balance sheet for long-term growth
✅ Provides flexibility for potential acquisitions or strategic investments
✅ Shows strong institutional demand despite higher interest rate environment