Cloudflare CEO Matthew Prince. Photo credit: World Economic Forum / Sikarin Thanachaiary, under Creative Commons license

Shortly after reporting strong year-over-year revenue growth, Web infrastructure and security company Cloudflare has announced a proposal to issue $500 million in convertible bonds that’ll be due by 2025. The proposed bonds will bear interest that’s payable in semi-annual time frames. To facilitate the bond offering, Cloudflare, although a public company, expects to pursue private agreements will potential buyers.

According to Cloudflare, the proceeds from the bond offering will go towards general corporate expenses and potential acquisitions. It’ll notably add to Cloudflare’s cash pile, which stood as $588 million as of the end of the first quarter of this year.

Cloudflare is projecting revenue of between $389 million to $393 million in 2020, up from $287 million in 2019. The company is, however, not profitable, having recorded $106 million in losses last year.

Cloudflare’s stock has surged more than 50% since the beginning of this year. Its shares currently (as of writing) trade for about $28 apiece, compared to about $17 as of the beginning of January.