Air Transport Services Group, Inc.: debt financing — ATSG issues $400M convertible notes at 3.875%, uses proceeds to repurchase stock and retire 2024 notes

Air Transport Services Group, Inc.

Issued $400M aggregate principal of 3.875% convertible senior notes due 2029; conversion price approx. $31.96 per share.
Used $118.5M of net proceeds to repurchase 5,435,777 common shares, including 1,177,000 from Amazon.
Used $204M to repurchase $204.5M of 2024 convertible notes in privately-negotiated transactions.
Entered into agreements to unwind existing call spread transactions, receiving net approx. $1.27M.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Air Transport Services Group, Inc. incurred convertible notes of $400 million aggregate principal amount with Truist Securities, Inc. and Oppenheimer & Co. Inc., as representatives of the initial purchasers at 3.875% maturing August 15, 2029.

Instrument: convertible notes
Principal: $400 million aggregate principal amount
Counterparty: Truist Securities, Inc. and Oppenheimer & Co. Inc., as representatives of the initial purchasers
Rate: 3.875%
Maturity: August 15, 2029
Event: incurrence

Exact text from the filing

On August 14, 2023, the Company issued a total of $400 million aggregate principal amount of the notes to the Initial Purchasers pursuant to the Purchase Agreement.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Air Transport Services Group, Inc. entered into Purchase Agreement with Truist Securities, Inc. and Oppenheimer & Co. Inc., as representatives of the initial purchasers valued at $350 million aggregate principal amount (effective 2023-08-09).

Action: entry
Agreement: notes offering
Counterparty: Truist Securities, Inc. and Oppenheimer & Co. Inc., as representatives of the initial purchasers
Value: $350 million aggregate principal amount
Effective: 2023-08-09

Exact text from the filing

On August 9, 2023, Air Transport Services Group, Inc. (the “Company”) entered into a Purchase Agreement (the “Purchase Agreement”) with Truist Securities, Inc. and Oppenheimer & Co. Inc., as representatives of the initial purchasers named therein (collectively, the “Initial Purchasers”), relating to the sale by the Company of $350 million aggregate principal amount of the Company’s 3.875% convertible senior notes due 2029

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Air Transport Services Group, Inc. entered into Indenture with U.S. Bank Trust Company, National Association, as trustee (effective 2023-08-14).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association, as trustee
Effective: 2023-08-14

Exact text from the filing

On August 14, 2023, the Company entered into an indenture relating to the issuance of the notes (the “Indenture”) with U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).

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Source: SEC EDGAR

accession 0001193125-23-213518

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