ATSG - Air Transport Services Group prices offering of $350M senior notes

2023-08-10 09:34:18 ET

• Air Transport Services Group ( NASDAQ: ATSG ) has priced its offering of $350 million 3.875% convertible senior notes due 2029, the company said Thursday.

• The issuance and sale of the notes are scheduled to settle on August 14, 2023.

• The initial purchasers of the notes also have a 30-day option to purchase up to an additional $50 million in notes.

• The notes will be senior, unsecured obligations of ATSG and will accrue interest at a rate of 3.875% per annum.

• The notes will be payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2024.

• The notes will mature on August 15, 2029, unless earlier repurchased, redeemed, or converted.

• Before February 15, 2029, noteholders will have the right to convert their notes only upon the occurrence of certain events.

• ATSG estimates that the net proceeds from the offering will be about $340.1 million.

• ATSG expects to use the net proceeds to repurchase shares and outstanding convertible senior notes, to repay a portion of the outstanding borrowings under its revolving credit facility, and for general corporate purposes.

• Press Release .

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