BUZZ-Astronics descends after convertible debt deal announced

Reuters
2024-11-26
BUZZ-<a href="https://laohu8.com/S/ATRO">Astronics</a> descends after convertible debt deal announced

** Shares of aerospace and defense components maker Astronics Corp ATRO.O down 14.9% at $14.99 in extended trading as it looks to raise capital

** East Aurora, New York-based firm says offering privately $150 mln convertible bonds due March 2030

** Co plans to use net proceeds to fully repay term loan facility, any remainder to fund portion of revolver

** ATRO shares on Mon closed up 2.3% at $17.61. Stock has lost 16% over the past three months, leaving them up 1% YTD

** Co has roughly $610 mln market cap, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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