By Chris Wack
Astronics shares were down 15% to $14.91 after the company priced $150 million of 5.5% convertible senior notes due 2030 in a private offering.
The stock hit its 52-week low of $14.13 earlier in the session, and is down 3% in the past 12 months.
The aerospace and defense technology company granted the initial purchasers of the notes an option to buy up to an additional $15 million in notes.
The offering is expected to close Dec. 3.
The notes will be Astronics' senior unsecured obligations, maturing March 15, 2030, unless earlier converted, redeemed or repurchased. The notes will bear interest at a rate of 5.5% per year, payable semi-annually in arrears March 15 and Sept. 15 of each year, beginning March 15, 2025.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
November 26, 2024 10:39 ET (15:39 GMT)
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