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RTI to sell more convertible notes

Keywords: Tags  RTI International etals, titanium, note offering, senior convertible notes, Frank Haflich

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 offering—the size of which was initially announced at $250 million—will 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.

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