RTI International Metals, Inc. (NYSE: RTI), today announced the pricing of its registered public offering of 6,000,000 shares of its common stock at $19.50 per share. The offering was increased from a previously announced offering size of 5,000,000 shares. The underwriters have a 30-day option to purchase up to an additional 900,000 shares of common stock to cover over-allotments, if any.
The Company expects that the net proceeds from the offering will be approximately $111.2 million ($127.8 million if the underwriters exercise their over-allotment option in full), after deducting the underwriting discount and prior to estimated offering expenses. The Company intends to use the net proceeds from this offering, combined with existing cash, to repay or pay the term loan portion of its credit facility, the balance of outstanding indebtedness under its two Canadian credit facilities and related costs and expenses.
The Company expects the issuance and delivery of the shares to occur on September 16, 2009, subject to customary closing conditions.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Underwriters Contact Information
A registration statement relating to these securities has been filed and is effective. A written prospectus for the offering, meeting the requirements of Section 10 of the Securities Act of 1933, may be obtained from Citi, Brooklyn Army Terminal, 140 58th Street, 18th Floor, Brooklyn, New York 11220, telephone 800-831-9146, and FBR Capital Markets & Co., 1001 19th Street North, Arlington, Virginia 22209, Attention: Todd Davis, telephone 703-469-1023, or by e-mail at tdavis@fbr.com. September 10, 2009
Forward Looking Statement
The statements in this release relating to matters that are not historical facts are forward-looking statements that may involve risks and uncertainties. These include, but are not limited to, material adverse changes in economic, industry or market conditions, including equity market conditions, the impact of global events on the commercial aerospace industry, actual build-rates, production schedules and content per aircraft for commercial and military aerospace programs, military spending and continued support for the Joint Strike Fighter program, global economic conditions, the Company’s ability to access financial markets and to maintain current covenant requirements, the competitive nature of the markets for specialty metals, the ability of the Company to obtain an adequate supply of raw materials, long-term contracts, the outcome of U.S. Customs’ investigation of the Company’s duty drawback claims, the successful completion of our capital expansion projects, the current delay in construction of, and potential indefinite delay of the Company’s sponge plant project, the impact of Boeing 787 production delays, and other risks and uncertainties included in the Company’s filings with the Securities and Exchange Commission. Actual results can differ materially from those forecasted or expected. The information contained in this release is qualified by and should be read in conjunction with the statements and notes filed with the Securities and Exchange Commission in the prospectus and on Forms 10-K and 10-Q, as may be amended from time to time.
Company Description
RTI International Metals®, headquartered in Pittsburgh, Pennsylvania, is one of the world’s largest producers of titanium mill products and a global supplier of fabricated titanium and specialty metal components for the international market. Through its various subsidiaries, RTI manufactures and distributes titanium and specialty metal mill products, extruded shapes, formed parts and engineered systems for commercial aerospace, defense, energy, industrial, chemical, and consumer applications for customers around the world.
Contacts:
Richard E. Leone, 330-544-7622
Director
- Investor Relations
rleone@rtiintl.com