LCI INDUSTRIES (LCII): debt financing — LCI Industries issues $460M 3.00% convertible notes due 2030; repurchases $368M of 2026 notes and 0.3M shares

LCI INDUSTRIES

Priced $400M (upsized to $460M via option) of 3.00% convertible senior notes maturing March 1, 2030; initial conversion price $116.62/share (27.5% premium over $91.47 close).
Net proceeds ~$447M used to repurchase $368M of existing 1.125% notes due 2026 for ~$370.3M and 0.3M shares for ~$28.3M.
Entered convertible note hedge and warrant transactions (strike prices $116.62 and $182.94) costing ~$34.8M net after warrant proceeds.
Concurrently terminated portions of existing hedge/warrant transactions related to repurchased 2026 notes, receiving ~$1.4M.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

LCI INDUSTRIES incurred convertible notes of $460.0 million in aggregate principal amount with Wells Fargo Securities, LLC, BofA Securities, Inc. and J.P. Morgan Securities LLC as representatives of the initial purchasers; U.S. Bank Trust Company, National Association, as trustee at 3.00% per annum, payable semi-annually maturing March 1, 2030.

Instrument: convertible notes
Principal: $460.0 million in aggregate principal amount
Counterparty: Wells Fargo Securities, LLC, BofA Securities, Inc. and J.P. Morgan Securities LLC as representatives of the initial purchasers; U.S. Bank Trust Company, National Association, as trustee
Rate: 3.00% per annum, payable semi-annually
Maturity: March 1, 2030
Event: incurrence

Exact text from the filing

the Initial Purchasers notified the Company of their election to purchase an additional $60.0 million in aggregate principal amount of Notes pursuant to the Option. A total of $460.0 million in aggregate principal amount of Notes was issued by the Company to the Initial Purchasers on March 14, 2025. The Purchase Agreement includes customary representations,

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LCI INDUSTRIES filing history →

Source: SEC EDGAR

accession 0001193125-25-055644

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