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Air Transport to pay down revolver from new convertibles
By Mary-Katherine Stinson
Lexington, Ky., Aug. 10 – Air Transport Services Group Inc. will use remaining proceeds from a sale of six-year convertible notes to repay a portion of borrowings from the company’s revolving credit facility and for general corporate purposes, according to a press release.
Net proceeds are expected to be $340.1 million or $388.8 million if the greenshoe is exercised in full.
Taking priority over the revolver paydown, proceeds will first be used to repurchase 5.4 million shares of common stock from the initial purchasers of the notes in privately negotiated transactions, repurchase shares from Amazon under an existing agreement and fund the repurchase of $204.5 million in principal of its 1.125% notes.
Air Transport Services Group is a Wilmington, Ohio-based aviation holding company.
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