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[FWP] Goldman Sachs Group Inc. Free Writing Prospectus

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Rhea-AI Filing Summary

AeroVironment, Inc. (Nasdaq: AVAV) has filed a preliminary prospectus supplement (Form 424B5) for a public offering of $750 million of common stock, with a 30-day underwriters’ option for up to an additional $112.5 million. The company is simultaneously marketing a separate $600 million (up to $690 million) offering of Convertible Senior Notes due 2030. Neither transaction is contingent on the other.

Key transaction terms

  • Common stock trades on Nasdaq under the symbol “AVAV”; last reported price on 27-Jun-2025 was $278.07.
  • Pro-forma share count will rise to 48,511,437 immediately after the equity offering (from 45,814,275).
  • Underwriters: J.P. Morgan Securities LLC and BofA Securities, Inc.; their banking affiliates are lenders under the company’s credit facilities and will receive a portion of the proceeds.

Use of proceeds

  • $700.2 million to repay outstanding borrowings under the New Term Loan (matures 1-May-2027).
  • $265.1 million to repay borrowings on the Revolving Credit Facility (matures 4-Oct-2029).
  • Any remainder for general corporate purposes, including increased manufacturing capacity.

Strategic backdrop – BlueHalo merger

  • AeroVironment closed the all-stock acquisition of BlueHalo on 1-May-2025, issuing 17,425,849 shares and drawing $925 million of debt to retire BlueHalo obligations and pay transaction costs.
  • Lock-up agreements restrict resale of the BlueHalo shares until May-2026 (40%), Nov-2026 (30%) and May-2027 (30%).

Recent financial performance

  • Quarter ended 30-Apr-2025 GAAP EPS: $0.59; Non-GAAP EPS: $1.61.
  • FY-2025 GAAP EPS: $1.55; Non-GAAP EPS: $3.28.
  • FY-2025 Adjusted EBITDA: $146.4 million, up from $127.8 million in FY-2024.
  • Q4-2025 goodwill impairment charge: $18.4 million.

Capitalisation impact

  • As-adjusted cash rises to $454.1 million; total debt falls from $955.0 million to $600.0 million if both offerings close and proceeds are applied as planned.
  • Total shareholders’ equity would rise from $886.5 million to $4.23 billion (reflecting BlueHalo equity issuance and the new share sale).

Risk highlights

  • Approximately 5–6 % dilution to existing shareholders from the equity issuance, with further dilution possible from note conversion.
  • Successful integration of BlueHalo is critical; merger-related synergies and cost savings are not assured.
  • If the note offering is unsuccessful, AeroVironment may retain higher leverage until alternative funds are secured.

Overall, the combined equity and convertible offerings are designed to deleverage the balance sheet after the transformational BlueHalo merger, provide funding for capacity expansion, and position the company for growth across autonomous systems, precision-strike and other defense technology markets.

AeroVironment, Inc. (Nasdaq: AVAV) ha presentato un supplemento preliminare al prospetto (Modulo 424B5) per un'offerta pubblica di 750 milioni di dollari di azioni ordinarie, con un'opzione per gli underwriter di ulteriori 112,5 milioni di dollari entro 30 giorni. Contemporaneamente, la società sta promuovendo un'offerta separata di 600 milioni di dollari (fino a 690 milioni) di Note Senior Convertibili con scadenza 2030. Nessuna delle due operazioni è subordinata all'altra.

Termini chiave della transazione

  • Le azioni ordinarie sono quotate al Nasdaq con il simbolo “AVAV”; il prezzo dell’ultima rilevazione del 27 giugno 2025 era 278,07 dollari.
  • Il numero di azioni pro-forma salirà a 48.511.437 subito dopo l’offerta azionaria (da 45.814.275).
  • Underwriter: J.P. Morgan Securities LLC e BofA Securities, Inc.; le loro affiliate bancarie sono finanziatori sotto le linee di credito della società e riceveranno una parte dei proventi.

Utilizzo dei proventi

  • 700,2 milioni di dollari per rimborsare i prestiti in essere sotto il New Term Loan (scadenza 1 maggio 2027).
  • 265,1 milioni di dollari per rimborsare i prestiti sul Revolving Credit Facility (scadenza 4 ottobre 2029).
  • Il residuo sarà destinato a scopi aziendali generali, inclusa l’espansione della capacità produttiva.

Contesto strategico – fusione con BlueHalo

  • AeroVironment ha completato l’acquisizione interamente in azioni di BlueHalo il 1 maggio 2025, emettendo 17.425.849 azioni e assumendo 925 milioni di dollari di debito per estinguere obbligazioni di BlueHalo e coprire i costi della transazione.
  • Gli accordi di lock-up limitano la rivendita delle azioni BlueHalo fino a maggio 2026 (40%), novembre 2026 (30%) e maggio 2027 (30%).

Performance finanziaria recente

  • Trimestre terminato il 30 aprile 2025 EPS GAAP: 0,59 dollari; EPS Non-GAAP: 1,61 dollari.
  • Anno fiscale 2025 EPS GAAP: 1,55 dollari; EPS Non-GAAP: 3,28 dollari.
  • EBITDA rettificato FY-2025: 146,4 milioni di dollari, in aumento rispetto a 127,8 milioni nel FY-2024.
  • Addebito per impairment dell’avviamento nel Q4-2025: 18,4 milioni di dollari.

Impatto sulla capitalizzazione

  • La liquidità rettificata salirà a 454,1 milioni di dollari; il debito totale scenderà da 955,0 milioni a 600,0 milioni se entrambe le offerte si concluderanno e i proventi saranno utilizzati come previsto.
  • Il patrimonio netto totale aumenterà da 886,5 milioni a 4,23 miliardi di dollari (riflettendo l’emissione di azioni BlueHalo e la nuova vendita di azioni).

Rischi principali

  • Circa 5–6% di diluizione per gli azionisti esistenti derivante dall’emissione azionaria, con ulteriore diluizione possibile dalla conversione delle note.
  • Il successo nell’integrazione di BlueHalo è fondamentale; sinergie e risparmi di costo legati alla fusione non sono garantiti.
  • Se l’offerta delle note non avrà successo, AeroVironment potrebbe mantenere un indebitamento più elevato fino a reperire fondi alternativi.

Complessivamente, le offerte combinate di azioni e note convertibili mirano a ridurre l’indebitamento dopo la fusione trasformativa con BlueHalo, finanziare l’espansione della capacità produttiva e posizionare l’azienda per la crescita nei mercati dei sistemi autonomi, della precisione d’attacco e di altre tecnologie per la difesa.

AeroVironment, Inc. (Nasdaq: AVAV) ha presentado un suplemento preliminar al prospecto (Formulario 424B5) para una oferta pública de 750 millones de dólares en acciones comunes, con una opción para los suscriptores de hasta 112,5 millones de dólares adicionales durante 30 días. La compañía simultáneamente está comercializando una oferta separada de 600 millones de dólares (hasta 690 millones) en Notas Senior Convertibles con vencimiento en 2030. Ninguna de las transacciones depende de la otra.

Términos clave de la transacción

  • Las acciones comunes cotizan en Nasdaq bajo el símbolo “AVAV”; el último precio reportado el 27 de junio de 2025 fue de 278,07 dólares.
  • El número proforma de acciones aumentará a 48,511,437 inmediatamente después de la oferta de acciones (desde 45,814,275).
  • Suscriptores: J.P. Morgan Securities LLC y BofA Securities, Inc.; sus afiliadas bancarias son prestamistas bajo las facilidades de crédito de la compañía y recibirán una parte de los ingresos.

Uso de los ingresos

  • 700,2 millones de dólares para pagar préstamos pendientes bajo el New Term Loan (vence el 1 de mayo de 2027).
  • 265,1 millones de dólares para pagar préstamos bajo la Revolving Credit Facility (vence el 4 de octubre de 2029).
  • El resto será para propósitos corporativos generales, incluyendo el aumento de la capacidad de fabricación.

Contexto estratégico – fusión con BlueHalo

  • AeroVironment cerró la adquisición totalmente en acciones de BlueHalo el 1 de mayo de 2025, emitiendo 17,425,849 acciones y tomando 925 millones de dólares en deuda para liquidar obligaciones de BlueHalo y cubrir costos de la transacción.
  • Los acuerdos de bloqueo restringen la reventa de las acciones de BlueHalo hasta mayo de 2026 (40%), noviembre de 2026 (30%) y mayo de 2027 (30%).

Desempeño financiero reciente

  • Trimestre terminado el 30 de abril de 2025 EPS GAAP: 0,59 dólares; EPS No-GAAP: 1,61 dólares.
  • Año fiscal 2025 EPS GAAP: 1,55 dólares; EPS No-GAAP: 3,28 dólares.
  • EBITDA ajustado FY-2025: 146,4 millones de dólares, en aumento desde 127,8 millones en FY-2024.
  • Cargo por deterioro de fondo de comercio en Q4-2025: 18,4 millones de dólares.

Impacto en la capitalización

  • El efectivo ajustado aumentará a 454,1 millones de dólares; la deuda total disminuirá de 955,0 millones a 600,0 millones si ambas ofertas se cierran y los ingresos se aplican según lo planeado.
  • El patrimonio total de los accionistas aumentará de 886,5 millones a 4,23 mil millones de dólares (reflejando la emisión de acciones de BlueHalo y la nueva venta de acciones).

Aspectos destacados de riesgo

  • Una dilución aproximada del 5–6% para los accionistas actuales por la emisión de acciones, con posible dilución adicional por la conversión de notas.
  • La integración exitosa de BlueHalo es crítica; las sinergias y ahorros de costos relacionados con la fusión no están garantizados.
  • Si la oferta de notas no tiene éxito, AeroVironment podría mantener un apalancamiento más alto hasta asegurar fondos alternativos.

En conjunto, las ofertas combinadas de acciones y notas convertibles están diseñadas para reducir el apalancamiento después de la fusión transformadora con BlueHalo, financiar la expansión de capacidad y posicionar a la empresa para el crecimiento en los mercados de sistemas autónomos, ataques de precisión y otras tecnologías de defensa.

AeroVironment, Inc. (나스닥: AVAV)예비 증권 설명서 보충서(Form 424B5)를 제출하여 7억 5천만 달러 규모의 보통주 공개 모집을 진행하며, 30일간 인수인 옵션으로 최대 1억 1,250만 달러를 추가 발행할 수 있습니다. 회사는 동시에 6억 달러(최대 6억 9천만 달러) 규모의 2030년 만기 전환사채를 별도로 마케팅 중입니다. 두 거래는 서로 의존하지 않습니다.

주요 거래 조건

  • 보통주는 나스닥에서 “AVAV” 심볼로 거래되며, 2025년 6월 27일 마지막 보고 가격은 278.07달러였습니다.
  • 증자 후 예상 발행 주식 수는 48,511,437주로, 기존 45,814,275주에서 증가합니다.
  • 인수인은 J.P. Morgan Securities LLCBofA Securities, Inc.이며, 이들의 은행 계열사는 회사의 신용 시설 대출자로서 일부 자금을 수령할 예정입니다.

자금 사용 계획

  • 7억 2백만 달러를 2027년 5월 1일 만기인 New Term Loan의 미상환 차입금 상환에 사용.
  • 2억 6,510만 달러를 2029년 10월 4일 만기인 Revolving Credit Facility 차입금 상환에 사용.
  • 잔액은 일반 기업 목적에 사용되며, 제조 능력 확대도 포함됩니다.

전략적 배경 – BlueHalo 인수합병

  • AeroVironment은 2025년 5월 1일에 BlueHalo를 전액 주식으로 인수 완료하였으며, 17,425,849주를 발행하고, BlueHalo 채무 상환 및 거래 비용 지불을 위해 9억 2,500만 달러의 부채를 차입했습니다.
  • 잠금 계약(lock-up agreements)에 따라 BlueHalo 주식의 재판매는 2026년 5월(40%), 2026년 11월(30%), 2027년 5월(30%)까지 제한됩니다.

최근 재무 성과

  • 2025년 4월 30일 종료 분기 GAAP 주당순이익(EPS): 0.59달러; Non-GAAP EPS: 1.61달러.
  • 2025 회계연도 GAAP EPS: 1.55달러; Non-GAAP EPS: 3.28달러.
  • 2025 회계연도 조정 EBITDA: 1억 4,640만 달러, 2024 회계연도의 1억 2,780만 달러에서 증가.
  • 2025년 4분기 영업권 손상차손: 1,840만 달러.

자본 구조 영향

  • 조정 후 현금은 4억 5,410만 달러로 증가하며, 두 건의 공모가 완료되고 자금이 계획대로 사용되면 총 부채는 9억 5,500만 달러에서 6억 달러로 감소합니다.
  • 총 주주 자본은 BlueHalo 주식 발행과 신규 주식 판매를 반영하여 8억 8,650만 달러에서 42억 3천만 달러로 증가할 것입니다.

주요 위험 요소

  • 기존 주주에 대한 약 5~6%의 희석 효과가 있으며, 전환사채 전환으로 추가 희석 가능성이 있습니다.
  • BlueHalo의 성공적인 통합이 매우 중요하며, 인수 관련 시너지 및 비용 절감은 보장되지 않습니다.
  • 전환사채 공모가 실패할 경우, AeroVironment은 대체 자금 확보 시까지 높은 레버리지를 유지할 수 있습니다.

종합적으로, 이번 주식 및 전환사채 공모는 BlueHalo의 변혁적 인수 후 재무 레버리지 축소, 생산 능력 확장 자금 조달, 자율 시스템, 정밀 타격 및 기타 방위 기술 시장에서의 성장을 위한 회사의 입지 강화를 목표로 합니다.

AeroVironment, Inc. (Nasdaq : AVAV) a déposé un supplément préliminaire au prospectus (Formulaire 424B5) pour une offre publique de 750 millions de dollars d’actions ordinaires, avec une option pour les souscripteurs de 30 jours portant sur jusqu’à 112,5 millions de dollars supplémentaires. La société commercialise simultanément une offre distincte de 600 millions de dollars (jusqu’à 690 millions) de billets seniors convertibles échéant en 2030. Aucune des deux opérations n’est conditionnée à l’autre.

Principaux termes de la transaction

  • Les actions ordinaires sont cotées au Nasdaq sous le symbole « AVAV » ; le dernier cours rapporté au 27 juin 2025 était de 278,07 dollars.
  • Le nombre d’actions pro-forma passera à 48 511 437 immédiatement après l’offre d’actions (contre 45 814 275).
  • Souscripteurs : J.P. Morgan Securities LLC et BofA Securities, Inc. ; leurs affiliés bancaires sont prêteurs dans le cadre des facilités de crédit de la société et recevront une partie des produits.

Utilisation des produits

  • 700,2 millions de dollars pour rembourser les emprunts en cours sous le New Term Loan (échéance le 1er mai 2027).
  • 265,1 millions de dollars pour rembourser les emprunts sous la Revolving Credit Facility (échéance le 4 octobre 2029).
  • Le solde sera destiné à des fins générales d’entreprise, y compris l’augmentation de la capacité de production.

Contexte stratégique – fusion avec BlueHalo

  • AeroVironment a finalisé l’acquisition entièrement en actions de BlueHalo le 1er mai 2025, émettant 17 425 849 actions et contractant 925 millions de dollars de dette pour solder les obligations de BlueHalo et payer les coûts de la transaction.
  • Des accords de lock-up limitent la revente des actions BlueHalo jusqu’en mai 2026 (40 %), novembre 2026 (30 %) et mai 2027 (30 %).

Performance financière récente

  • Trimestre clos au 30 avril 2025 BPA GAAP : 0,59 dollar ; BPA non-GAAP : 1,61 dollar.
  • Exercice 2025 BPA GAAP : 1,55 dollar ; BPA non-GAAP : 3,28 dollars.
  • EBITDA ajusté exercice 2025 : 146,4 millions de dollars, en hausse par rapport à 127,8 millions en 2024.
  • Charge de dépréciation du goodwill au T4 2025 : 18,4 millions de dollars.

Impact sur la capitalisation

  • La trésorerie ajustée passera à 454,1 millions de dollars ; la dette totale diminuera de 955,0 millions à 600,0 millions si les deux offres sont clôturées et que les produits sont utilisés comme prévu.
  • Les capitaux propres totaux des actionnaires augmenteraient de 886,5 millions à 4,23 milliards de dollars (reflétant l’émission d’actions BlueHalo et la nouvelle vente d’actions).

Points clés des risques

  • Une dilution d’environ 5 à 6 % pour les actionnaires existants due à l’émission d’actions, avec une dilution supplémentaire possible liée à la conversion des billets.
  • La réussite de l’intégration de BlueHalo est cruciale ; les synergies et économies de coûts liées à la fusion ne sont pas garanties.
  • Si l’offre de billets n’aboutit pas, AeroVironment pourrait conserver un levier financier plus élevé jusqu’à ce que des fonds alternatifs soient obtenus.

Dans l’ensemble, les offres combinées d’actions et de billets convertibles visent à désendetter le bilan après la fusion transformative avec BlueHalo, à financer l’expansion des capacités et à positionner la société pour croître dans les marchés des systèmes autonomes, des frappes de précision et autres technologies de défense.

AeroVironment, Inc. (Nasdaq: AVAV) hat einen vorläufigen Prospektergänzung (Formular 424B5) für ein öffentliches Angebot von 750 Millionen US-Dollar an Stammaktien eingereicht, mit einer 30-tägigen Underwriter-Option für bis zu weitere 112,5 Millionen US-Dollar. Gleichzeitig vermarktet das Unternehmen ein separates Angebot von 600 Millionen US-Dollar (bis zu 690 Millionen) an wandelbaren Senior Notes mit Fälligkeit 2030. Keine der Transaktionen ist von der anderen abhängig.

Wichtige Transaktionsbedingungen

  • Die Stammaktien werden an der Nasdaq unter dem Symbol „AVAV“ gehandelt; der letzte gemeldete Kurs am 27. Juni 2025 betrug 278,07 US-Dollar.
  • Die pro-forma Aktienzahl wird unmittelbar nach dem Aktienangebot auf 48.511.437 steigen (von 45.814.275).
  • Underwriter: J.P. Morgan Securities LLC und BofA Securities, Inc.; deren Banktochtergesellschaften sind Kreditgeber im Rahmen der Kreditfazilitäten des Unternehmens und erhalten einen Teil der Erlöse.

Verwendung der Erlöse

  • 700,2 Millionen US-Dollar zur Rückzahlung ausstehender Darlehen aus dem New Term Loan (Fälligkeit 1. Mai 2027).
  • 265,1 Millionen US-Dollar zur Rückzahlung von Darlehen aus der Revolving Credit Facility (Fälligkeit 4. Oktober 2029).
  • Der verbleibende Betrag für allgemeine Unternehmenszwecke, einschließlich der Erweiterung der Fertigungskapazität.

Strategischer Hintergrund – BlueHalo-Fusion

  • AeroVironment hat am 1. Mai 2025 die vollständige Übernahme von BlueHalo mit Aktien abgeschlossen, dabei 17.425.849 Aktien ausgegeben und 925 Millionen US-Dollar Schulden aufgenommen, um BlueHalo-Verbindlichkeiten zu tilgen und Transaktionskosten zu bezahlen.
  • Lock-up-Vereinbarungen beschränken den Wiederverkauf der BlueHalo-Aktien bis Mai 2026 (40%), November 2026 (30%) und Mai 2027 (30%).

Jüngste finanzielle Leistung

  • Quartal zum 30. April 2025 GAAP-Gewinn je Aktie (EPS): 0,59 US-Dollar; Non-GAAP EPS: 1,61 US-Dollar.
  • Geschäftsjahr 2025 GAAP EPS: 1,55 US-Dollar; Non-GAAP EPS: 3,28 US-Dollar.
  • Bereinigtes EBITDA FY-2025: 146,4 Millionen US-Dollar, gegenüber 127,8 Millionen im FY-2024 gestiegen.
  • Q4-2025 Goodwill-Abschreibungsaufwand: 18,4 Millionen US-Dollar.

Auswirkungen auf die Kapitalstruktur

  • Das bereinigte Barvermögen steigt auf 454,1 Millionen US-Dollar; die Gesamtschulden sinken von 955,0 Millionen auf 600,0 Millionen, sofern beide Angebote abgeschlossen werden und die Erlöse wie geplant verwendet werden.
  • Das gesamte Eigenkapital der Aktionäre würde von 886,5 Millionen auf 4,23 Milliarden US-Dollar steigen (unter Berücksichtigung der BlueHalo-Aktienausgabe und des neuen Aktienverkaufs).

Risikohighlights

  • Ungefähr 5–6% Verwässerung für bestehende Aktionäre durch die Aktienausgabe, mit weiterer Verwässerung möglich durch die Umwandlung der Notes.
  • Der erfolgreiche Zusammenschluss mit BlueHalo ist entscheidend; fusionbedingte Synergien und Kosteneinsparungen sind nicht garantiert.
  • Falls das Notes-Angebot nicht erfolgreich ist, könnte AeroVironment bis zur Sicherung alternativer Mittel eine höhere Verschuldung beibehalten.

Insgesamt sind die kombinierten Aktien- und Wandelanleiheangebote darauf ausgelegt, die Bilanz nach der transformativen BlueHalo-Fusion zu entschulden, Mittel für Kapazitätserweiterungen bereitzustellen und das Unternehmen für Wachstum in den Bereichen autonome Systeme, Präzisionsangriffe und andere Verteidigungstechnologiemärkte zu positionieren.

Positive
  • Debt reduction: Planned use of proceeds repays $965.3 million of secured borrowings, materially lowering leverage.
  • Improved liquidity: Pro-forma cash increases to $454.1 million, enhancing financial flexibility.
  • Adjusted EBITDA growth: FY-2025 Adjusted EBITDA rose to $146.4 million from $127.8 million, indicating operating momentum.
  • BlueHalo lock-up: Staggered release of merger shares limits immediate secondary supply pressure.
Negative
  • Share dilution: Equity issuance raises outstanding shares by roughly 6 %, directly diluting EPS.
  • Goodwill impairment: Q4-2025 charge of $18.4 million signals post-merger valuation risk.
  • Convertible note overhang: Future conversions may add further dilution; hedging could weigh on share price.
  • Integration risk: Achieving BlueHalo cost and revenue synergies remains uncertain and is highlighted in Risk Factors.

Insights

TL;DR: Equity raise deleverages post-merger balance sheet but adds 6 % dilution; credit repayment improves net leverage.

Deleveraging & liquidity. Applying $965.3 million of gross proceeds to the Term Loan and Revolver slashes secured debt from $955 million to $0, leaving only the prospective $600 million senior convertible notes. Pro-forma cash of $454 million creates ample runway for working-capital and capacity expansion.
Dilution vs. value. Issuance lifts share count by c.2.7 million shares (≈6 %) but eliminates ≥$27–$40 million in annual interest expense (assuming 4–6 % blended coupons), which is accretive to future EPS if operating momentum continues.
BlueHalo integration risk. Goodwill impairment in Q4-2025 signals valuation pressure; management must deliver promised revenue synergies and margin expansion. Lock-up schedule reduces immediate overhang, yet 40 % of BlueHalo shares hit the market in May-2026.
Convertible note overhang. While flexible, the notes introduce potential dilution above the 30 % conversion premium; hedging activity may pressure the stock near-term.
Net effect. I view the transaction as near-term neutral (dilution offsets lower leverage) but strategically positive if BlueHalo synergies materialise and defense outlays stay strong.

TL;DR: Offering shifts risk from liquidity to equity holders; integration, defense budgets and lock-up expiries remain watch-points.

The refinancing extends maturities and lowers secured leverage, reducing covenant pressure under the Credit Agreement. However, shareholders assume dilution and potential volatility from convertible arbitrage. The goodwill write-down highlights integration execution risk. Exposure to U.S. and allied defense budgets, a key revenue driver, is unchanged. Lock-up roll-offs beginning May-2026 could trigger selling waves. I classify the filing as impactful but balanced; successful capital raise is essential to maintaining investment-grade-like credit metrics post-merger.

AeroVironment, Inc. (Nasdaq: AVAV) ha presentato un supplemento preliminare al prospetto (Modulo 424B5) per un'offerta pubblica di 750 milioni di dollari di azioni ordinarie, con un'opzione per gli underwriter di ulteriori 112,5 milioni di dollari entro 30 giorni. Contemporaneamente, la società sta promuovendo un'offerta separata di 600 milioni di dollari (fino a 690 milioni) di Note Senior Convertibili con scadenza 2030. Nessuna delle due operazioni è subordinata all'altra.

Termini chiave della transazione

  • Le azioni ordinarie sono quotate al Nasdaq con il simbolo “AVAV”; il prezzo dell’ultima rilevazione del 27 giugno 2025 era 278,07 dollari.
  • Il numero di azioni pro-forma salirà a 48.511.437 subito dopo l’offerta azionaria (da 45.814.275).
  • Underwriter: J.P. Morgan Securities LLC e BofA Securities, Inc.; le loro affiliate bancarie sono finanziatori sotto le linee di credito della società e riceveranno una parte dei proventi.

Utilizzo dei proventi

  • 700,2 milioni di dollari per rimborsare i prestiti in essere sotto il New Term Loan (scadenza 1 maggio 2027).
  • 265,1 milioni di dollari per rimborsare i prestiti sul Revolving Credit Facility (scadenza 4 ottobre 2029).
  • Il residuo sarà destinato a scopi aziendali generali, inclusa l’espansione della capacità produttiva.

Contesto strategico – fusione con BlueHalo

  • AeroVironment ha completato l’acquisizione interamente in azioni di BlueHalo il 1 maggio 2025, emettendo 17.425.849 azioni e assumendo 925 milioni di dollari di debito per estinguere obbligazioni di BlueHalo e coprire i costi della transazione.
  • Gli accordi di lock-up limitano la rivendita delle azioni BlueHalo fino a maggio 2026 (40%), novembre 2026 (30%) e maggio 2027 (30%).

Performance finanziaria recente

  • Trimestre terminato il 30 aprile 2025 EPS GAAP: 0,59 dollari; EPS Non-GAAP: 1,61 dollari.
  • Anno fiscale 2025 EPS GAAP: 1,55 dollari; EPS Non-GAAP: 3,28 dollari.
  • EBITDA rettificato FY-2025: 146,4 milioni di dollari, in aumento rispetto a 127,8 milioni nel FY-2024.
  • Addebito per impairment dell’avviamento nel Q4-2025: 18,4 milioni di dollari.

Impatto sulla capitalizzazione

  • La liquidità rettificata salirà a 454,1 milioni di dollari; il debito totale scenderà da 955,0 milioni a 600,0 milioni se entrambe le offerte si concluderanno e i proventi saranno utilizzati come previsto.
  • Il patrimonio netto totale aumenterà da 886,5 milioni a 4,23 miliardi di dollari (riflettendo l’emissione di azioni BlueHalo e la nuova vendita di azioni).

Rischi principali

  • Circa 5–6% di diluizione per gli azionisti esistenti derivante dall’emissione azionaria, con ulteriore diluizione possibile dalla conversione delle note.
  • Il successo nell’integrazione di BlueHalo è fondamentale; sinergie e risparmi di costo legati alla fusione non sono garantiti.
  • Se l’offerta delle note non avrà successo, AeroVironment potrebbe mantenere un indebitamento più elevato fino a reperire fondi alternativi.

Complessivamente, le offerte combinate di azioni e note convertibili mirano a ridurre l’indebitamento dopo la fusione trasformativa con BlueHalo, finanziare l’espansione della capacità produttiva e posizionare l’azienda per la crescita nei mercati dei sistemi autonomi, della precisione d’attacco e di altre tecnologie per la difesa.

AeroVironment, Inc. (Nasdaq: AVAV) ha presentado un suplemento preliminar al prospecto (Formulario 424B5) para una oferta pública de 750 millones de dólares en acciones comunes, con una opción para los suscriptores de hasta 112,5 millones de dólares adicionales durante 30 días. La compañía simultáneamente está comercializando una oferta separada de 600 millones de dólares (hasta 690 millones) en Notas Senior Convertibles con vencimiento en 2030. Ninguna de las transacciones depende de la otra.

Términos clave de la transacción

  • Las acciones comunes cotizan en Nasdaq bajo el símbolo “AVAV”; el último precio reportado el 27 de junio de 2025 fue de 278,07 dólares.
  • El número proforma de acciones aumentará a 48,511,437 inmediatamente después de la oferta de acciones (desde 45,814,275).
  • Suscriptores: J.P. Morgan Securities LLC y BofA Securities, Inc.; sus afiliadas bancarias son prestamistas bajo las facilidades de crédito de la compañía y recibirán una parte de los ingresos.

Uso de los ingresos

  • 700,2 millones de dólares para pagar préstamos pendientes bajo el New Term Loan (vence el 1 de mayo de 2027).
  • 265,1 millones de dólares para pagar préstamos bajo la Revolving Credit Facility (vence el 4 de octubre de 2029).
  • El resto será para propósitos corporativos generales, incluyendo el aumento de la capacidad de fabricación.

Contexto estratégico – fusión con BlueHalo

  • AeroVironment cerró la adquisición totalmente en acciones de BlueHalo el 1 de mayo de 2025, emitiendo 17,425,849 acciones y tomando 925 millones de dólares en deuda para liquidar obligaciones de BlueHalo y cubrir costos de la transacción.
  • Los acuerdos de bloqueo restringen la reventa de las acciones de BlueHalo hasta mayo de 2026 (40%), noviembre de 2026 (30%) y mayo de 2027 (30%).

Desempeño financiero reciente

  • Trimestre terminado el 30 de abril de 2025 EPS GAAP: 0,59 dólares; EPS No-GAAP: 1,61 dólares.
  • Año fiscal 2025 EPS GAAP: 1,55 dólares; EPS No-GAAP: 3,28 dólares.
  • EBITDA ajustado FY-2025: 146,4 millones de dólares, en aumento desde 127,8 millones en FY-2024.
  • Cargo por deterioro de fondo de comercio en Q4-2025: 18,4 millones de dólares.

Impacto en la capitalización

  • El efectivo ajustado aumentará a 454,1 millones de dólares; la deuda total disminuirá de 955,0 millones a 600,0 millones si ambas ofertas se cierran y los ingresos se aplican según lo planeado.
  • El patrimonio total de los accionistas aumentará de 886,5 millones a 4,23 mil millones de dólares (reflejando la emisión de acciones de BlueHalo y la nueva venta de acciones).

Aspectos destacados de riesgo

  • Una dilución aproximada del 5–6% para los accionistas actuales por la emisión de acciones, con posible dilución adicional por la conversión de notas.
  • La integración exitosa de BlueHalo es crítica; las sinergias y ahorros de costos relacionados con la fusión no están garantizados.
  • Si la oferta de notas no tiene éxito, AeroVironment podría mantener un apalancamiento más alto hasta asegurar fondos alternativos.

En conjunto, las ofertas combinadas de acciones y notas convertibles están diseñadas para reducir el apalancamiento después de la fusión transformadora con BlueHalo, financiar la expansión de capacidad y posicionar a la empresa para el crecimiento en los mercados de sistemas autónomos, ataques de precisión y otras tecnologías de defensa.

AeroVironment, Inc. (나스닥: AVAV)예비 증권 설명서 보충서(Form 424B5)를 제출하여 7억 5천만 달러 규모의 보통주 공개 모집을 진행하며, 30일간 인수인 옵션으로 최대 1억 1,250만 달러를 추가 발행할 수 있습니다. 회사는 동시에 6억 달러(최대 6억 9천만 달러) 규모의 2030년 만기 전환사채를 별도로 마케팅 중입니다. 두 거래는 서로 의존하지 않습니다.

주요 거래 조건

  • 보통주는 나스닥에서 “AVAV” 심볼로 거래되며, 2025년 6월 27일 마지막 보고 가격은 278.07달러였습니다.
  • 증자 후 예상 발행 주식 수는 48,511,437주로, 기존 45,814,275주에서 증가합니다.
  • 인수인은 J.P. Morgan Securities LLCBofA Securities, Inc.이며, 이들의 은행 계열사는 회사의 신용 시설 대출자로서 일부 자금을 수령할 예정입니다.

자금 사용 계획

  • 7억 2백만 달러를 2027년 5월 1일 만기인 New Term Loan의 미상환 차입금 상환에 사용.
  • 2억 6,510만 달러를 2029년 10월 4일 만기인 Revolving Credit Facility 차입금 상환에 사용.
  • 잔액은 일반 기업 목적에 사용되며, 제조 능력 확대도 포함됩니다.

전략적 배경 – BlueHalo 인수합병

  • AeroVironment은 2025년 5월 1일에 BlueHalo를 전액 주식으로 인수 완료하였으며, 17,425,849주를 발행하고, BlueHalo 채무 상환 및 거래 비용 지불을 위해 9억 2,500만 달러의 부채를 차입했습니다.
  • 잠금 계약(lock-up agreements)에 따라 BlueHalo 주식의 재판매는 2026년 5월(40%), 2026년 11월(30%), 2027년 5월(30%)까지 제한됩니다.

최근 재무 성과

  • 2025년 4월 30일 종료 분기 GAAP 주당순이익(EPS): 0.59달러; Non-GAAP EPS: 1.61달러.
  • 2025 회계연도 GAAP EPS: 1.55달러; Non-GAAP EPS: 3.28달러.
  • 2025 회계연도 조정 EBITDA: 1억 4,640만 달러, 2024 회계연도의 1억 2,780만 달러에서 증가.
  • 2025년 4분기 영업권 손상차손: 1,840만 달러.

자본 구조 영향

  • 조정 후 현금은 4억 5,410만 달러로 증가하며, 두 건의 공모가 완료되고 자금이 계획대로 사용되면 총 부채는 9억 5,500만 달러에서 6억 달러로 감소합니다.
  • 총 주주 자본은 BlueHalo 주식 발행과 신규 주식 판매를 반영하여 8억 8,650만 달러에서 42억 3천만 달러로 증가할 것입니다.

주요 위험 요소

  • 기존 주주에 대한 약 5~6%의 희석 효과가 있으며, 전환사채 전환으로 추가 희석 가능성이 있습니다.
  • BlueHalo의 성공적인 통합이 매우 중요하며, 인수 관련 시너지 및 비용 절감은 보장되지 않습니다.
  • 전환사채 공모가 실패할 경우, AeroVironment은 대체 자금 확보 시까지 높은 레버리지를 유지할 수 있습니다.

종합적으로, 이번 주식 및 전환사채 공모는 BlueHalo의 변혁적 인수 후 재무 레버리지 축소, 생산 능력 확장 자금 조달, 자율 시스템, 정밀 타격 및 기타 방위 기술 시장에서의 성장을 위한 회사의 입지 강화를 목표로 합니다.

AeroVironment, Inc. (Nasdaq : AVAV) a déposé un supplément préliminaire au prospectus (Formulaire 424B5) pour une offre publique de 750 millions de dollars d’actions ordinaires, avec une option pour les souscripteurs de 30 jours portant sur jusqu’à 112,5 millions de dollars supplémentaires. La société commercialise simultanément une offre distincte de 600 millions de dollars (jusqu’à 690 millions) de billets seniors convertibles échéant en 2030. Aucune des deux opérations n’est conditionnée à l’autre.

Principaux termes de la transaction

  • Les actions ordinaires sont cotées au Nasdaq sous le symbole « AVAV » ; le dernier cours rapporté au 27 juin 2025 était de 278,07 dollars.
  • Le nombre d’actions pro-forma passera à 48 511 437 immédiatement après l’offre d’actions (contre 45 814 275).
  • Souscripteurs : J.P. Morgan Securities LLC et BofA Securities, Inc. ; leurs affiliés bancaires sont prêteurs dans le cadre des facilités de crédit de la société et recevront une partie des produits.

Utilisation des produits

  • 700,2 millions de dollars pour rembourser les emprunts en cours sous le New Term Loan (échéance le 1er mai 2027).
  • 265,1 millions de dollars pour rembourser les emprunts sous la Revolving Credit Facility (échéance le 4 octobre 2029).
  • Le solde sera destiné à des fins générales d’entreprise, y compris l’augmentation de la capacité de production.

Contexte stratégique – fusion avec BlueHalo

  • AeroVironment a finalisé l’acquisition entièrement en actions de BlueHalo le 1er mai 2025, émettant 17 425 849 actions et contractant 925 millions de dollars de dette pour solder les obligations de BlueHalo et payer les coûts de la transaction.
  • Des accords de lock-up limitent la revente des actions BlueHalo jusqu’en mai 2026 (40 %), novembre 2026 (30 %) et mai 2027 (30 %).

Performance financière récente

  • Trimestre clos au 30 avril 2025 BPA GAAP : 0,59 dollar ; BPA non-GAAP : 1,61 dollar.
  • Exercice 2025 BPA GAAP : 1,55 dollar ; BPA non-GAAP : 3,28 dollars.
  • EBITDA ajusté exercice 2025 : 146,4 millions de dollars, en hausse par rapport à 127,8 millions en 2024.
  • Charge de dépréciation du goodwill au T4 2025 : 18,4 millions de dollars.

Impact sur la capitalisation

  • La trésorerie ajustée passera à 454,1 millions de dollars ; la dette totale diminuera de 955,0 millions à 600,0 millions si les deux offres sont clôturées et que les produits sont utilisés comme prévu.
  • Les capitaux propres totaux des actionnaires augmenteraient de 886,5 millions à 4,23 milliards de dollars (reflétant l’émission d’actions BlueHalo et la nouvelle vente d’actions).

Points clés des risques

  • Une dilution d’environ 5 à 6 % pour les actionnaires existants due à l’émission d’actions, avec une dilution supplémentaire possible liée à la conversion des billets.
  • La réussite de l’intégration de BlueHalo est cruciale ; les synergies et économies de coûts liées à la fusion ne sont pas garanties.
  • Si l’offre de billets n’aboutit pas, AeroVironment pourrait conserver un levier financier plus élevé jusqu’à ce que des fonds alternatifs soient obtenus.

Dans l’ensemble, les offres combinées d’actions et de billets convertibles visent à désendetter le bilan après la fusion transformative avec BlueHalo, à financer l’expansion des capacités et à positionner la société pour croître dans les marchés des systèmes autonomes, des frappes de précision et autres technologies de défense.

AeroVironment, Inc. (Nasdaq: AVAV) hat einen vorläufigen Prospektergänzung (Formular 424B5) für ein öffentliches Angebot von 750 Millionen US-Dollar an Stammaktien eingereicht, mit einer 30-tägigen Underwriter-Option für bis zu weitere 112,5 Millionen US-Dollar. Gleichzeitig vermarktet das Unternehmen ein separates Angebot von 600 Millionen US-Dollar (bis zu 690 Millionen) an wandelbaren Senior Notes mit Fälligkeit 2030. Keine der Transaktionen ist von der anderen abhängig.

Wichtige Transaktionsbedingungen

  • Die Stammaktien werden an der Nasdaq unter dem Symbol „AVAV“ gehandelt; der letzte gemeldete Kurs am 27. Juni 2025 betrug 278,07 US-Dollar.
  • Die pro-forma Aktienzahl wird unmittelbar nach dem Aktienangebot auf 48.511.437 steigen (von 45.814.275).
  • Underwriter: J.P. Morgan Securities LLC und BofA Securities, Inc.; deren Banktochtergesellschaften sind Kreditgeber im Rahmen der Kreditfazilitäten des Unternehmens und erhalten einen Teil der Erlöse.

Verwendung der Erlöse

  • 700,2 Millionen US-Dollar zur Rückzahlung ausstehender Darlehen aus dem New Term Loan (Fälligkeit 1. Mai 2027).
  • 265,1 Millionen US-Dollar zur Rückzahlung von Darlehen aus der Revolving Credit Facility (Fälligkeit 4. Oktober 2029).
  • Der verbleibende Betrag für allgemeine Unternehmenszwecke, einschließlich der Erweiterung der Fertigungskapazität.

Strategischer Hintergrund – BlueHalo-Fusion

  • AeroVironment hat am 1. Mai 2025 die vollständige Übernahme von BlueHalo mit Aktien abgeschlossen, dabei 17.425.849 Aktien ausgegeben und 925 Millionen US-Dollar Schulden aufgenommen, um BlueHalo-Verbindlichkeiten zu tilgen und Transaktionskosten zu bezahlen.
  • Lock-up-Vereinbarungen beschränken den Wiederverkauf der BlueHalo-Aktien bis Mai 2026 (40%), November 2026 (30%) und Mai 2027 (30%).

Jüngste finanzielle Leistung

  • Quartal zum 30. April 2025 GAAP-Gewinn je Aktie (EPS): 0,59 US-Dollar; Non-GAAP EPS: 1,61 US-Dollar.
  • Geschäftsjahr 2025 GAAP EPS: 1,55 US-Dollar; Non-GAAP EPS: 3,28 US-Dollar.
  • Bereinigtes EBITDA FY-2025: 146,4 Millionen US-Dollar, gegenüber 127,8 Millionen im FY-2024 gestiegen.
  • Q4-2025 Goodwill-Abschreibungsaufwand: 18,4 Millionen US-Dollar.

Auswirkungen auf die Kapitalstruktur

  • Das bereinigte Barvermögen steigt auf 454,1 Millionen US-Dollar; die Gesamtschulden sinken von 955,0 Millionen auf 600,0 Millionen, sofern beide Angebote abgeschlossen werden und die Erlöse wie geplant verwendet werden.
  • Das gesamte Eigenkapital der Aktionäre würde von 886,5 Millionen auf 4,23 Milliarden US-Dollar steigen (unter Berücksichtigung der BlueHalo-Aktienausgabe und des neuen Aktienverkaufs).

Risikohighlights

  • Ungefähr 5–6% Verwässerung für bestehende Aktionäre durch die Aktienausgabe, mit weiterer Verwässerung möglich durch die Umwandlung der Notes.
  • Der erfolgreiche Zusammenschluss mit BlueHalo ist entscheidend; fusionbedingte Synergien und Kosteneinsparungen sind nicht garantiert.
  • Falls das Notes-Angebot nicht erfolgreich ist, könnte AeroVironment bis zur Sicherung alternativer Mittel eine höhere Verschuldung beibehalten.

Insgesamt sind die kombinierten Aktien- und Wandelanleiheangebote darauf ausgelegt, die Bilanz nach der transformativen BlueHalo-Fusion zu entschulden, Mittel für Kapazitätserweiterungen bereitzustellen und das Unternehmen für Wachstum in den Bereichen autonome Systeme, Präzisionsangriffe und andere Verteidigungstechnologiemärkte zu positionieren.

Free Writing Prospectus pursuant to Rule 433 dated June 27, 2025

Registration Statement No. 333-284538

 

img95766038_0.jpg

Market Linked Securities — Autocallable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Common Stock of Advanced Micro Devices, Inc. due July 12, 2028

 

Summary of Terms

 

 

Company (Issuer) and Guarantor:

GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor)

 

Hypothetical Payout Profile (Maturity Payment Amount)

 

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If the securities are not automatically called prior to stated maturity and the ending price is less than the downside threshold price, you will lose more than 40%, and possibly all, of the face amount of your securities at stated maturity.

Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of the underlying stock, but you will have full downside exposure to the underlying stock if the ending price is less than the downside threshold price.

You should read the accompanying preliminary pricing supplement dated June 27, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

The securities are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:

Preliminary pricing supplement dated June 27, 2025
WFS product supplement no. 5 dated February 14, 2025
Prospectus supplement dated February 14, 2025
Prospectus dated February 14, 2025

 

Market Measure (the “underlying stock”):

the common stock of Advanced Micro Devices, Inc. (current Bloomberg ticker: “AMD UW”)

 

Pricing date:

expected to be July 7, 2025

 

Issue date:

expected to be July 10, 2025

 

Final calculation day:

expected to be July 7, 2028

 

Stated maturity date:

expected to be July 12, 2028

 

Starting price:

the stock closing price of the underlying stock on the pricing date

 

Ending price:

the stock closing price of the underlying stock on the final calculation day

 

Performance factor:

the ending price divided by the starting price (expressed as a percentage)

 

Automatic call:

If the stock closing price of the underlying stock on any call date is greater than or equal to the starting price, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus a final contingent coupon payment. The securities will not be subject to automatic call until the October 2025 calculation day.

 

Downside threshold price:

60% of the starting price

 

Contingent coupon payment:

Subject to the automatic call, on each contingent coupon payment date, for each $1,000 of the outstanding face amount, you will receive a contingent coupon payment equal to at least $36.25 (equivalent to a contingent coupon rate of at least 14.50% per annum) (set on the pricing date) if, and only if, the stock closing price of the underlying stock on the related calculation day is greater than or equal to the coupon threshold price.

 

Coupon threshold price:

60% of the starting price

 

Call dates:

each calculation day commencing in October 2025 and ending in April 2028

 

Call settlement date:

the contingent coupon payment date immediately following the applicable call date

 

Calculation days:

quarterly, on the 7th day of each January, April, July and October, commencing in October 2025 and ending in April 2028, and the final calculation day

 

Contingent coupon payment dates:

quarterly, on the third business day following each calculation day; provided that the contingent coupon payment date with respect to the final calculation day will be the stated maturity date

 

Maturity payment amount (for each $1,000 face amount of your securities):

if the ending price is greater than or equal to the downside threshold price: $1,000; or
if the ending price is less than the downside threshold price: $1,000 × performance factor

 

The estimated value of your securities at the time the terms of your securities are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your securities.

Underwriting discount:

up to 2.325% of the face amount*; Wells Fargo Securities, LLC (“WFS”) is the agent for the distribution of the securities. WFS will receive the underwriting discount of up to 2.325% of the aggregate face amount of the securities sold. The agent may resell the securities to Wells Fargo Advisors (“WFA”) at the original issue price of the securities less a concession of 1.75% of the aggregate face amount of the securities. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a security WFA sells.

 

 

CUSIP:

40058JKX2

 

 

Tax consequences:

See “Supplemental Discussion of U.S. Federal Income Tax Considerations” in the accompanying preliminary pricing supplement

 

 

* In addition, in respect of certain securities sold in this offering, GS&Co. may pay a fee of up to 0.30% of the aggregate face amount of the securities sold to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.

 

 

 

The securities have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. See “Risk Factors” in this term sheet and in the accompanying preliminary pricing supplement. This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock, the terms of the securities and certain risks.

 


 

About Your Securities

GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement, and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement if you so request by calling (212) 357-4612.

Risk Factors

An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying WFS product supplement no. 5, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of risk factors discussed in the accompanying preliminary pricing supplement (but not those discussed in the accompanying WFS product supplement no. 5, accompanying prospectus supplement and accompanying prospectus). In addition to the below, you should read in full “Selected Risk Considerations” in the accompanying preliminary pricing supplement, “Risk Factors” in the accompanying WFS product supplement no. 5, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus.

The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:

 

Risks Related to Structure, Valuation and Secondary Market Sales

The Estimated Value of Your Securities At the Time the Terms of Your Securities Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Offering Price Of Your Securities
The Securities Are Subject to the Credit Risk of the Issuer and the Guarantor
You May Lose Your Entire Investment in the Securities
The Return on Your Securities May Change Significantly Despite Only a Small Change in the Price of the Underlying Stock
You May Not Receive a Contingent Coupon on Any Contingent Coupon Payment Date
A Higher Contingent Coupon, a Lower Coupon Threshold Price and/or a Lower Downside Threshold Price May Reflect Greater Expected Volatility of the Underlying Stock, and Greater Expected Volatility Generally Indicates An Increased Risk of Declines in the Price of the Underlying Stock and, Potentially, a Significant Loss at Maturity

 

Your Securities Are Subject to Automatic Redemption
The Contingent Coupon Does Not Reflect the Actual Performance of the Underlying Stock from the Pricing Date to Any Calculation Day or from Calculation Day to Calculation Day
The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors
We Will Not Hold Shares of the Underlying Stock for Your Benefit
You Have No Shareholder Rights or Rights to Receive the Underlying Stock

Risks Related to Tax

Certain Considerations for Insurance Companies and Employee Benefit Plans
The Tax Consequences of an Investment in Your Securities Are Uncertain
Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Securities, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Securities to Provide Information to Tax Authorities

 

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock, the terms of the securities and certain risks.


FAQ

Why is AeroVironment (AVAV) raising $750 million of common stock?

Proceeds will primarily be used to repay $700.2 million of Term Loan debt and $265.1 million of Revolver borrowings, with any remainder for general corporate purposes such as expanding manufacturing capacity.

How much shareholder dilution will result from the equity offering?

The share count will rise from 45,814,275 to 48,511,437, an increase of about 5-6 %, before considering possible note conversions.

What are the terms of the concurrent convertible note offering?

AeroVironment is marketing $600 million of Convertible Senior Notes due 2030, bearing a fixed coupon (rate to be set), with conversion allowed under specified price and event triggers at a 30 % premium.

How did AeroVironment perform financially in FY-2025?

GAAP diluted EPS was $1.55; non-GAAP diluted EPS was $3.28. Adjusted EBITDA increased to $146.4 million from $127.8 million in FY-2024.

What is the status of the BlueHalo merger shares?

The 17,425,849 shares issued to BlueHalo sellers are subject to a lock-up: 40 % release on 1-May-2026, 30 % on 1-Nov-2026, and the final 30 % on 1-May-2027.

Will the equity and convertible offerings both close?

The filings state that neither offering is conditioned on the other; it is possible one closes without the other.
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