Adtran Holdings Announces $175M Convertible Notes Offering

Adtran Holdings, Inc. has announced the pricing of an upsized $175 million offering of 3.75% convertible senior notes due 2030, in a private sale to qualified institutional buyers. The initial issue size was increased from a previously declared $150 million. Settlement is scheduled for September 19, 2025, subject to typical closing conditions. Additionally, early purchasers have an option to buy up to $26.25 million more in notes.

The notes, due to mature in 2030, will accrue interest semi-annually and offer conversion rights under certain conditions. The initial conversion rate is set at 86.8206 shares per $1,000, reflecting a conversion price of $11.52 per share, 30% above the last reported price. Proceeds will primarily repay existing credit obligations, with remaining funds supporting capped call transactions to mitigate potential dilution.