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ATI Announces Pricing of Senior Notes Offering
01/05/2011 - Allegheny Technologies Inc. has priced its public offering of senior notes due 2021. Net proceeds will help to finance the cash portion of the merger consideration for the company’s acquisition of Ladish.
Allegheny Technologies Inc. has priced its public offering of senior notes due 2021. The offering is being made pursuant to the company’s effective shelf registration statement filed with the SEC.
ATI has agreed to sell $500,000,000 aggregate principal amount of 5.950% Senior Notes due 2021. The Senior Notes will pay interest semi-annually in arrears at a rate of 5.950% per year and will mature on January 15, 2021, unless earlier repurchased.
The company said that it intends to use net proceeds from the offering to finance the cash portion of the merger consideration to be paid in its acquisition of Ladish Co., Inc., and to pay related fees and expenses. Any additional net proceeds are to be used for general corporate purposes.
J.P. Morgan, Citi, Morgan Stanley and BofA Merrill Lynch are the joint book-running managers for the offering.
Allegheny Technologies is one of the largest and most diversified specialty metals producers in the world with revenues of $3.8 billion for the twelve months ending September 30, 2010. ATI has approximately 8900 full-time employees world-wide, and its products include titanium and titanium alloys, nickel-based alloys and superalloys, grain-oriented electrical steel, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, and forgings and castings.
