Advanced Energy issues $1.15B 0% convertible notes due 2031; exchanges $438M of 2028 notes

ADVANCED ENERGY INDUSTRIES INC

Issued $1.15B aggregate principal of 0% Convertible Senior Notes due May 15, 2031 via private placement.
Net proceeds of ~$1.128B after discounts; used $69M for capped call transactions to reduce dilution.
Exchanged ~$438.3M of outstanding 2.50% 2028 notes for $442.4M cash and 1.98M shares of common stock.
Remaining $136.7M of 2028 notes stay outstanding; Company unwound existing call spread and received $44.6M net.
Initial conversion rate 1.9655 shares per $1,000 note (conversion price ~$508.78 per share); capped at 3,390,430 shares.

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