We advised the representative of the initial purchasers on the offering

Davis Polk advised the representative of the initial purchasers in a Rule 144A offering by Backblaze, Inc. of $201.25 million aggregate principal amount of its 0.00% convertible senior notes due 2031, including $26.25 million aggregate principal amount of convertible notes pursuant to the full exercise of the initial purchasers’ option to purchase additional convertible notes. In addition, Davis Polk 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 is the object storage layer powering AI infrastructure and data-intensive workloads at scale. Built over two decades, the company has leveraged hardware, software and operational innovation into a platform that delivers the performance and economics the AI era demands, without lock-in. Today, more than 500,000 customers trust Backblaze to move and store the data powering their businesses, reaching hundreds of millions of end users across 175 countries.

The Davis Polk capital markets team included partner John H. Runne and associates Megan P. Phansalkar and Alexander D. Langa. The equity derivatives team included 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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