Air Transport Services Group (ATSG) said Friday it has notified holders of its 3.875% convertible senior notes due 2029 of fundamental change and make-whole fundamental change in connection with the closing of its acquisition by Stonepeak.

Under the fundamental change, holders will have the option to require the company to buy back any portion of their notes for cash in multiples of $1,000 on May 9. The amount payable, including accrued interest, will be $1,009.04 per $1,000 principal amount, the company said.

As part of the make-whole fundamental change, holders can surrender notes for conversion at 31.2864 common shares per $1,000 principal amount, the company said.