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RTI closes $350M notes offering

Keywords: Tags  RTI International Metals, public offering, convertible notes, titanium, Frank Haflich

LOS ANGELES — RTI International Metals Inc. has completed its public offering of $350 million in convertible senior notes while retiring $115.6 million in outstanding securities that carried a higher interest rate.

The Pittsburgh-based titanium producer, fabricator and distributor said the net proceeds of the new notes, which are due in 2019 and carry an interest rate of 1.625 percent, were about $339 million, after underwriting discounts and offering expenses. RTI also has granted the notes’ underwriters a 30-day option to purchase up to an additional $52.2 million of the notes.

The company’s separate repurchase of its 3-percent convertible senior notes, which were due in 2015, occurred through individually negotiated private deals totaling about $133.4 million, including payment of accrued interest. The repurchase cuts the amount of the outstanding notes to about $114.4 million.

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