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RTI exercises overallotment on convertible debt offering

Keywords: Tags  titanium, RTI, notes, offering, debt, Barclays, Citigroup, Frank Haflich

LOS ANGELES — An offering of convertible debt by RTI International Metals Inc. has grown by $52.5 million.

The Pittsburgh-based titanium producer, fabricator and distributor said an overallotment option on its recent offering of $350-million, 1.625-percent convertible senior notes due 2019 has been exercised and closed, raising the total aggregate principal amount of notes to $402.5 million.

Including the overallotment, the net proceeds to RTI after underwriting discounts and estimated offering expenses were about $389.9 million. The overallotment was granted to the offering’s seven-bank underwriting group, which includes Barclays Capital Inc. and Citigroup Global Markets Inc.

RTI recently paid about $133.4 million to retire $115.6 million in 3-percent convertible notes, reducing the amount of its outstanding senior notes by slightly more than 50 percent (, April 18).

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