ASTRONICS CORP

The Company’s net proceeds from this offering were approximately $216.7 million, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses. The Company used approximately (i) $26.9 million of the net proceeds from the offering to pay the cost of the capped call transactions (as described below) and (ii) $189.8 million of the net proceeds, together with approximately $85.0 million of borrowings under its ABL Revolving Credit Facility and approximately $11.0 million of cash on hand, to repurchase approximately $132.0 million aggregate principal amount of its 5.500% Convertible Senior Notes due 2030 (the “2030 notes”). The Company intends to use the remaining net proceeds for general corporate purposes, including the repayment of borrowings under its ABL Revolving Credit Facility.