The concurrent offerings were registered with the SEC

Davis Polk advised the representatives of the several underwriters in connection with an $875 million SEC-registered offering of 3,528,226 shares of common stock by AeroVironment, Inc. and an SEC-registered offering of an aggregate principal amount of $747.5 million of its 0% convertible senior notes due 2030 (which included $97.5 million aggregate principal amount that the underwriters purchased pursuant to their option to purchase additional notes). The proceeds from the offerings will be used to repay existing indebtedness under the company’s term loan and revolving credit facility, and the remainder for general corporate purposes.

AeroVironment is a defense technology provider delivering integrated capabilities across air, land, sea, space and cyber. It develops and deploys autonomous systems, precision strike systems, counter-uncrewed aircraft systems technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities. It operates a national manufacturing footprint to deliver proven systems and capabilities whose markets offer the potential for significant long-term growth.

The Davis Polk capital markets team included partner Derek Dostal, counsel David (Wei Fu) Li and associate Fei Deng. The equity derivatives team included partner Mark M. Mendez, counsel Hanbing Zhang and M. Faisal Baloch and associate Melissa X. Estrada. Partner Aliza Slansky and associates Tyler Scheiner and Zoey Chau provided tax advice. All members of the Davis Polk team are based in the New York office.

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