The Firm represented HSBC Securities (USA) Inc. as representative of the initial purchasers in connection with Astronics Corporation’s (“Astronics”) offering of $225 million aggregate principal amount of 0% Convertible Senior Notes due 2031, which amount includes the full exercise of the initial purchasers’ option to purchase additional notes. In addition, the Firm represented Astronics in connection with a capped call transaction entered into with an affiliate of one of the initial purchasers and certain other financial institutions concurrently with the notes offering.
Astronics used the net proceeds from the Notes offering (i) to fund the cost of entering into the capped call transactions; and (ii) together with borrowings under its revolving credit facility and cash on hand, to repurchase approximately $132 million aggregate principal amount of its existing 5.500% Convertible Senior Notes due 2030 concurrently with the pricing of the offering in privately negotiated transactions effected with or through an affiliate of one of the initial purchasers.
Astronics is a leading supplier of advanced technologies and products to the global aerospace and defense industries. Its products and services include advanced, high-performance electrical power generation and distribution systems, seat motion solutions, lighting and safety systems, avionics products, aircraft structures, systems certification and automated test systems.
The Simpson Thacher team included Roxane Reardon, Brian Rosenzweig, Matt Hart, Andrew Scattergood and Natalie Marionneaux (Capital Markets); Jonathan Lindabury, Marc Langer and Jhaton White (Derivatives); Michael Mann, Edward Grais and Heesang Yeo (Tax); Pasco Struhs (Executive Compensation and Employee Benefits); Michael Isby (Environmental); Chandler Gerard-Reimer and Corina Holland (Intellectual Property); and Jennie Getsin (FINRA).