Cloudflare Inc. announced plans for a private offering of $2.175 billion of senior convertible notes, following a recent guidance boost that sent shares to an intraday high.

The notes, maturing in 2031, are convertible into cash or the company's common stock, according to a Monday statement. Cloudflare intends to use the proceeds for general corporate purposes and to cover the cost of derivative transactions associated with the offering.

The cybersecurity firm's move comes after its updated guidance last week positively impacted investor sentiment, driving share prices higher. The offering represents a significant capital raise for the San Francisco-based company.

Bloomberg was first to report details of the transaction, which is being conducted as a private placement.