LCI Industries Announces Pricing of Offering of $400 Million Aggregate Principal Amount of 1.125% Convertible Senior Notes

LCI Industries (NYSE: LCII) (the “Company”) which, through its wholly-owned subsidiary, Lippert Components, Inc. (“Lippert”), supplies a broad array of highly engineered components for the leading original equipment manufacturers (“OEMs”) in the recreation and transportation product markets, and the related aftermarkets of those industries, priced $400.0 million in aggregate principal amount of 1.125% convertible senior notes due 2026 (the “notes”) in a previously announced private placement (the “offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the offering, the Company has granted the initial purchasers of the notes an option to purchase, within a 13-day period from and including the date on which the notes are first issued, up to an additional $60.0 million in aggregate principal amount of notes.

The notes will be generally unsecured obligations of the Company and will bear interest at a rate of 1.125% per year, payable semi-annually in arrears on May 15 and November 15, beginning on November 15, 2021. The notes will mature on May 15, 2026, unless earlier converted, redeemed or repurchased in accordance with their terms prior to such date. Prior to the close of business on the business day immediately preceding January 15, 2026, noteholders may convert their notes only upon the satisfaction of certain conditions and during certain periods. On or after January 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, noteholders may convert all or any portion of their notes at any time.

The Company will settle conversions by paying cash up to the aggregate principal amount of the notes to be converted and paying or delivering, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the notes being converted, based on the then applicable conversion rate. Noteholders will have the right to require the Company to repurchase for cash all or any portion of their notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of certain fundamental changes.