Allegheny Technologies Announces Completion of Convertible Notes Offering
June 02 2009 - 4:15PM
Business Wire
Allegheny Technologies Incorporated (NYSE:ATI) announced today
that it has completed its previously announced public offering of
convertible notes due 2014. The offering was made pursuant to the
Company�s shelf registration statement filed with the Securities
and Exchange Commission.
In the offering, ATI issued and sold $402,500,000 aggregate
principal amount of 4.25% Convertible Senior Notes due 2014 (the
�Convertible Notes�), including $52,500,000 aggregate principal
amount of Convertible Notes sold pursuant to an option granted to
the underwriters of the offering of Convertible Notes to purchase
up to an additional $52,500,000 aggregate principal amount of
Convertible Notes to cover over-allotments, which was exercised in
full. ATI intends to use the net proceeds from the offering of
Convertible Notes to manage its liabilities and other obligations,
such as by making voluntary contributions to its defined benefit
pension trust and contributions to trusts established to fund
retiree medical benefits, and the balance for general corporate
purposes.
J.P. Morgan Securities Inc. and Citi were the joint book-running
managers for the offering.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of any
Convertible Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. A
registration statement relating to the Convertible Notes has been
filed with the Securities and Exchange Commission.
Copies of the prospectus and prospectus supplement meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended, may be obtained from J.P. Morgan Securities Inc., National
Statement Processing, Prospectus Library, 4 Chase Metrotech Center,
CS Level, Brooklyn, New York 11245 or by telephone at 718 242-8002
and at www.sec.gov.
This news release contains �forward-looking statements� within
the meaning of the Private Securities Litigation Reform Act of
1995. Certain statements in this news release relate to future
events and expectations and, as such, constitute forward-looking
statements. Forward-looking statements include those containing
such words as �anticipates,� �believes,� �estimates,� �expects,�
�would,� �should,� �will,� �will likely result,� �forecast,�
�outlook,� �projects,� and similar expressions. Forward-looking
statements are based on management�s current expectations and
include known and unknown risks, uncertainties and other factors,
many of which we are unable to predict or control, that may cause
our actual results, performance or achievements to materially
differ from those expressed or implied in the forward-looking
statements. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include: (a) material adverse changes in economic or industry
conditions generally, including credit market conditions and
related issues, and global supply and demand conditions and prices
for our specialty metals; (b) material adverse changes in the
markets we serve, including the aerospace and defense, construction
and mining, automotive, electrical energy, chemical process
industry, oil and gas, medical and other markets; (c) our inability
to achieve the level of cost savings, productivity improvements,
synergies, growth or other benefits anticipated by management,
including those anticipated from strategic investments and the
integration of acquired businesses, whether due to significant
increases in energy, raw materials or employee benefits costs, the
possibility of project cost overruns or unanticipated costs and
expenses, or other factors; (d) volatility of prices and
availability of supply of the raw materials that are critical to
the manufacture of our products; (e) declines in the value of our
defined benefit pension plan assets or unfavorable changes in laws
or regulations that govern pension plan funding; (f) significant
legal proceedings or investigations adverse to us; (g) other risk
factors summarized in our Annual Report on Form 10-K for the year
ended December 31, 2008, and in other reports filed with the
Securities and Exchange Commission. We assume no duty to update our
forward-looking statements.
Building the World�s Best Specialty Metals
Company�
Allegheny Technologies Incorporated is one of the largest and
most diversified specialty metals producers in the world with
revenues of $5.3 billion during 2008. ATI has approximately 9,600
full-time employees world-wide who use innovative technologies to
offer global markets a wide range of specialty metals solutions.
Our major markets are aerospace and defense, chemical process
industry/oil and gas, electrical energy, medical, automotive, food
equipment and appliance, machine and cutting tools, and
construction and mining. Our 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.
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