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Allegheny Technologies Reports Results of Tender Offer
Jun. 4, 2009 Allegheny Technologies Inc. announced the final results of its cash tender offer to purchase any and all of its outstanding 8.375% Senior Notes due 2011.
As of the expiration of the tender offer, $183,257,000 of the 2011 Notes had been validly tendered (and not validly withdrawn), all of which was accepted for payment by ATI.
On June 4—the settlement date of the tender offer—ATI will pay $194,252,420 in cash in the aggregate to purchase the tendered 2011 Notes accepted for payment. That amount is based on a cash consideration of $1,060 for each $1,000 principal amount of 2011 Notes.
The company said it will use a portion of the net proceeds from its recent offering of $350 million aggregate principal amount of 9.375% Notes due 2019 to purchase the tendered 2011 Notes.
Citi and JPMorgan served as Lead Dealer Managers for the tender offer, and Banc of America Securities LLC served as the co-dealer manager. Global Bondholder Services Corporation acted as the depositary and information agent for the tender offer.
Allegheny Technologies Inc., one of the largest and most diversified specialty metals producers in the world with revenues of $5.3 billion during 2008. The company’s 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.