RTI International Metals Announces Completion of Convertible Senior Notes
PITTSBURGH -- April 17, 2013
RTI International Metals, Inc. (NYSE: RTI), today announced it has completed
its public offering of $350 million aggregate principal amount of 1.625%
Convertible Senior Notes due 2019 (the “Convertible Notes”). Net proceeds to
the Company totaled approximately $339 million, after deducting underwriting
discounts and estimated offering expenses. RTI granted the underwriters of the
Convertible Notes a thirty-day option, which must be exercised on or before
May 10, 2013, to purchase up to an additional $52.5 million aggregate
principal amount of Convertible Notes on the same terms and conditions to
cover over-allotments, if any.
Barclays Capital Inc. and Citigroup Global Markets Inc. are acting as joint
book-running managers of the offering.
Separately, the Company completed the repurchase of approximately $115.6
million aggregate principal amount of its outstanding 3.000% Convertible
Senior Notes due 2015 through individually negotiated private repurchases
totaling approximately $133.4 million, including the payment of accrued
interest. This reduces the outstanding principal amount of the 3.000%
Convertible Senior Notes due 2015 to approximately $114.4 million.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy securities, nor shall there be any sales of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
The statements in this release relating to matters that are not historical
facts are “forward-looking” statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934 that may involve risks and uncertainties and certain other factors, which
may include, among others, the current market demand for these types of
securities generally and the securities of RTI specifically, conditions in the
financial markets, and customary offering closing conditions. In accordance
with “safe harbor” provisions of the Private Securities Litigation Reform Act
of 1995, cautionary statements identifying important factors, but not
necessarily all factors, that could cause actual results to differ materially
from those set forth in the forward-looking statement have been included in
the prospectus for this offering, the Form 10-K of RTI for the year ended
December 31, 2012, and in subsequent filings for RTI. Please see RTI’s filings
with the SEC for certain other risks that could impact the offering or RTI’s
RTI International Metals, Inc., headquartered in Pittsburgh, specializes in
advanced titanium, meeting the requirements of the world's most
technologically sophisticated applications in aerospace, defense, propulsion,
medical device, energy, industrial, and chemical markets. For over 60 years,
RTI has been taking titanium further through advanced manufacturing,
engineering, machining, and forming processes. RTI delivers titanium mill
products, extruded shapes, form-ready parts, and highly engineered components
through our downstream-integrated supply chain. RTI has locations in the
United States, Canada, Europe, and Asia.
RTI International Metals, Inc.
Dan Crookshank, Director – Investor Relations, 412-893-0084
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