ADTRAN prices upsized $175M 3.75% convertible notes due 2030; proceeds to repay Wells Fargo borrowings

ADTRAN Holdings, Inc.

Upsized from $150M to $175M; initial purchasers have option for additional $26.25M.
Notes bear 3.75% interest, mature Sept 15, 2030; conversion price ~$11.52/share (30% premium over $8.86).
Net proceeds ~$168.1M; ~$152.8M to repay Adtran, Inc. borrowings under Amended Wells Fargo Credit Agreement.
Capped call transactions entered to reduce dilution; cap price ~$15.51/share (75% premium).
Sixth Amendment to credit agreement consents to up to $230M new convertible indebtedness and modifies subline facility.

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