LOS ANGELES RTI International Metals Inc. plans to sell $350 million in 1.625-percent convertible senior notes, raising the amount of its initial intended offering by $100 million.
Net proceeds from the offeringthe size of which was initially announced at $250 millionwill now be about $339 million, assuming no exercise of an overallotment, the Pittsburgh-based titanium producer, fabricator and distributor said. The offering is due to close April 17.
RTI plans to use a portion of the proceeds to repurchase a $115.6-million aggregate principal amount of its outstanding 3-percent convertible senior notes due in 2015 through individually negotiated private purchases totaling about $132.1 million, the company said. The remainder of the proceeds will be used for working capital and general corporate purposes.