Latham Represents AeroVironment, Inc. in Upsized US$875 Million Common Stock and US$650 Million Convertible Senior Notes Offerings

AeroVironment, Inc. (NASDAQ: AVAV), a leading defense technology company, has announced the pricing of its upsized underwritten public offering of 3,528,226 shares of its common stock at a public offering price of US$248 per share, and its upsized underwritten public offering of US$650 million aggregate principal amount of its 0% convertible senior notes due 2030. The aggregate net proceeds to the company from the Common Stock Offering and the Convertible Notes Offering, after deducting underwriting discounts and other estimated offering expenses, are expected to be approximately US$1.47 billion. The company has granted the underwriters of the offerings a 30-day option to purchase up to an additional 529,234 shares of Common Stock at the public offering price less the underwriting discount in the Common Stock Offering and a 30-day option to purchase up to an additional US$97.5 million aggregate principal amount of Convertible Notes solely to cover over-allotments, if any, in the Convertible Notes Offering. Both the Common Stock Offering and the Convertible Notes Offering are expected to close on July 3, 2025, in each case, subject to satisfaction of customary closing conditions.

Latham also represented AeroVironment in the company’s completed US$4.1 billion acquisition of BlueHalo.

Latham & Watkins LLP represents AeroVironment, Inc. in the offerings with a corporate deal team led by partners Drew Capurro, Greg Rodgers, and Scott Westhoff, with associates Claire Solimine, Andrew Rutsky, Ian Lachow, Kennedy Holmes, Steve Hess, and Juna Kim. Advice was also provided on executive compensation and employee benefits matters by partner Holly Bauer and counsel Laura Szarmach, with associate Julie Voorhes; on data and technology transactions matters by partner Michelle Gross, with associate Kiara Vaughn; on intellectual property matters by associates Amy Tosi, Julian Savelski, and Karen Sung; on tax matters by partners Aaron Bernstein and Andrea Ramezan-Jackson, with associate Ryan Brenner; on investment funds regulatory matters by partner Laura Ferrell, with associate Jennifer Tian; on litigation matters by partner Kyle Jefcoat; and on banking matters by partners Mark Morris and Nathan Whitaker, with associate Kayla Matthews.