Astronics (ATRO) said Tuesday it priced its private offering of $150 million of 5.5% convertible senior notes due 2030.

The initial conversion rate for the notes is 43.6814 common shares per $1,000 principal amount of notes, or an initial conversion price of about $22.89 per share.

The initial buyers were given a 13-day option to buy up to an additional $15 million of the notes, the company said.

The company said it expects to use part of the net proceeds to repay all borrowings under its term loan facility and the remaining proceeds to fund the partial repayment of its borrowings under its revolving credit facility and to pay the offering's fees and expenses.

The offering is expected to close Dec. 3, the company said.

Shares of Astronics fell over 18% in premarket activity Tuesday.

Price: 14.40, Change: -3.21, Percent Change: -18.23