ADTRAN Plans To Offer $150 Mln Of Convertible Senior Notes Due 2030

ADTRAN Holdings

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(RTTNews) - ADTRAN Holdings Inc. (ADTN) announced that it plans to offer $150 million aggregate principal amount of convertible senior notes due 2030 in a private offering.

The company also expects to grant the initial purchaser of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $22.50 million principal amount of Notes.

The Notes will be senior, unsecured obligations of the Company and will accrue interest payable semi-annually in arrears and will mature on September 15, 2030, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their Notes in certain circumstances and during specified periods.

The company said it intends to use a portion of the net proceeds from the offering of the Notes to fund the cost of entering into the capped call transactions. The company intends to use the remainder of the net proceeds from the offering of the Notes to repay a portion of outstanding borrowings under its credit agreement dated July 18, 2022, with a syndicate of lenders named therein and the other parties from time to time thereto.