Astronics Corporation Announces $150 Million Convertible Senior Notes Offering

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[{"type":"text","content":" EAST AURORA, N.Y.--(BUSINESS WIRE)--\nAstronics Corporation (NASDAQ: ATRO) (“Astronics” or the “Company”) today announced that it intends to offer, subject to market and other conditions, $150 million aggregate principal amount of convertible senior notes due 2030 (the “Notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Astronics also expects to grant to the initial purchasers of the Notes an option to purchase up to an additional $15 million aggregate principal amount of the Notes, for settlement within a 13-day period beginning on, and including, the first date on which the Notes are issued.\n\n\nThe Notes will be Astronics’ senior unsecured obligations. The Notes will mature on March 15, 2030, unless earlier converted, redeemed or repurchased. Prior to December 15, 2029, the Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and, thereafter, the Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, Astronics will satisfy its conversion obligations by paying and/or delivering, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. The interest rate, the initial conversion rate and the other terms of the Notes will be determined upon pricing of the offering.\n\n\nAstronics expects to use a portion of the net proceeds from the offering to repay all outstanding borrowings under its term loan facility. Astronics expects to use the remainder of the net proceeds from the offering to fund the repayment of a portion of its outstanding borrowings under its revolving credit facility and to pay fees and expenses in connection with the offering.\n\n\nThe Notes will be offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the Notes and any shares of Astronics’ common stock issuable upon conversion of the Notes have not been registered under the Securities Act, or any state securities law, and the Notes and any such shares may not be offered or sold absent registration under, or pursuant to a...

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