Astronics issues $225M 0% convertible notes due 2031, repurchases $132M of 5.5% notes

ASTRONICS CORP

Issued $225M aggregate principal of 0% convertible senior notes due Jan 2031; net proceeds ~$216.7M.
Used ~$189.8M of proceeds + $85M ABL borrowings + $11M cash to repurchase $132M of 5.5% convertible notes due 2030.
Paid $26.9M for capped call transactions; cap price $83.4051 (90% premium over reference price of $43.8974).
Initial conversion price $54.87 per share (25% premium); conversion rate 18.2243 shares per $1,000 principal.
CEO cites capital structure optimization: lower cost of debt and reduced future dilution for shareholders.

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