Astronics Corporation Issues $225 Million in Convertible Senior Notes

Astronics Corporation issued $225 million in 0% Convertible Senior Notes due 2031 on September 16, 2025. The notes were issued pursuant to an indenture with U.S. Bank Trust Company, National Association, as trustee. The company granted the initial purchasers an option to buy an additional $15 million in notes, which was fully exercised. The net proceeds from the offering were approximately $216.7 million, after deducting discounts and commissions. The company used part of the proceeds to repurchase $132 million of its 5.500% Convertible Senior Notes due 2030 and intends to use the remaining proceeds for general corporate purposes, including repaying borrowings under its ABL Revolving Credit Facility. The notes are senior unsecured obligations and will mature on January 15, 2031, unless earlier converted, redeemed, or repurchased. The initial conversion rate is 18.2243 shares of common stock per $1,000 principal amount of notes, representing a 25% conversion premium over the reference price of $43.8974 per share. The notes will not be redeemable before January 22, 2029, and holders may require the company to repurchase the notes upon a fundamental change. The indenture includes customary provisions for events of default and remedies.