Allegheny Technologies Announces Pricing of Common Stock Offering
08 November 2017 - 1:18PM
Business Wire
Allegheny Technologies Incorporated (NYSE:ATI) announced today
that it has priced an underwritten offering of 17,000,000 shares of
common stock at a public offering price of $24.00 per share, before
offering discounts. The offering will result in gross proceeds of
approximately $408 million to ATI. ATI granted the underwriters a
30-day option to purchase up to 2,550,000 additional shares of
common stock at the public offering price, less the underwriting
discount. The offering is expected to close on November 9, 2017,
subject to customary closing conditions.
ATI intends to use the net proceeds from the offering to fund a
redemption of all of ATI’s outstanding 9.375% Senior Notes due 2019
(the “2019 Notes”), of which $350.0 million aggregate principal
amount is outstanding, in accordance with the terms of the
indenture governing the 2019 Notes. Any net proceeds from the
offering that are not used to fund a redemption of all of the
outstanding 2019 Notes will be used for general corporate
purposes.
Goldman Sachs & Co. LLC is acting as the sole book-running
manager for the offering.
The offering of these securities is being made pursuant to an
effective shelf registration statement. The offering will be made
only by means of a prospectus supplement and the accompanying
prospectus. Copies of the prospectus supplement and the
accompanying prospectus may be obtained from Goldman Sachs &
Co. LLC, Prospectus Department, 200 West Street, New York, NY
10282, telephone: (866) 471-2526, facsimile: (212) 902-9316 or by
emailing prospectusgroup-ny@ny.email.gs.com.
This news release shall not constitute an offer to sell or a
solicitation of an offer to buy, 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.
This news release contains “forward looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Certain statements in this news release relate to future
events and expectations and, as such, constitute forward-looking
statements. Forward-looking statements, which may contain such
words as “anticipates,” “believes,” “estimates,” “expects,”
“would,” “should,” “will,” “will likely result,” “forecast,”
“outlook,” “projects,” and similar expressions, are based on
management’s current expectations and include known and unknown
risks, uncertainties and other factors, many of which we are unable
to predict or control. Our performance or achievements may differ
materially from those expressed or implied in any forward-looking
statements due to the following factors, among others: (a) material
adverse changes in economic or industry conditions generally,
including global supply and demand conditions and prices for our
specialty metals; (b) material adverse changes in the markets we
serve; (c) our inability to achieve the level of cost savings,
productivity improvements, synergies, growth or other benefits
anticipated by management from strategic investments and the
integration of acquired businesses; (d) volatility in the price and
availability of the raw materials that are critical to the
manufacture of our products; (e) declines in the value of our
defined benefit pension plan assets or unfavorable changes in laws
or regulations that govern pension plan funding; (f) labor disputes
or work stoppages; (g) equipment outages and (h) other risk factors
summarized in our Annual Report on Form 10-K for the year ended
December 31, 2016, and in other reports filed with the Securities
and Exchange Commission. We assume no duty to update our forward
looking statements.
Creating Value Thru Relentless Innovation™
ATI is a global manufacturer of technically advanced specialty
materials and complex components. With revenue of $3.4 billion for
the twelve month period ending September 30, 2017, our largest
market is aerospace & defense, particularly jet engines. We
also have a strong presence in the oil & gas, electrical
energy, medical, automotive, and other industrial markets. ATI is a
market leader in manufacturing differentiated specialty alloys and
forgings that require our unique manufacturing and precision
machining capabilities and our innovative new product development
competence. ATI produces nickel-based alloys and superalloys,
titanium alloys, specialty alloys, stainless steels, and zirconium
and other related alloys in many mill product forms. We also are a
leader in producing nickel-based alloy and titanium-based alloy
powders for use in next-generation jet engine forgings and
3D-printed products.
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Allegheny Technologies IncorporatedScott Minder,
412-395-2720
ATI (NYSE:ATI)
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