Okta CEO Todd McKinnon. Photo credit: TechCrunch on Flickr, under Creative Commons license

Cloud security company Okta has announced its intention to offer $1 billion in convertible bonds that’ll be due by 2026. Okta also intends to grant initial purchasers of its bonds a timed option to purchase an additional $150 million worth of bonds. The interest on Okta’s bonds will be payable semi-annually in arrears. The bonds will be convertible to cash or Okta shares. To facilitate the bond sale, Okta, itself a public company, expects to arrange private transactions with financial institutions and other potential investors.

The proceeds from Okta’s bond offering will be used for general corporate purposes. The offering happens to come on the heels of Okta recording strong revenue growth in the first quarter of this year.