AAR exchanges 56% of 2.875% convertibles for stock

New York, Jan. 25 - AAR Corp. said it exchanged $37.7 million or 56% of its 2.875% convertible senior notes due 2024 for stock.

The Wood Dale, Ill., provider of products and services to the aviation and aerospace industries issued 2,025,282 shares in exchange for the convertibles and paid $3.5 million in cash for the interest that holders would otherwise have received and as an incentive to convert ahead of the call date.

AAR carried out the exchanges in three privately negotiated transactions over the past two weeks.

AAR also announced it plans to issue $100 million of new convertible senior notes due 2026.

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