Allegheny Technologies to buy back some 4.75% convertibles due 2022

By Rebecca Melvin

New York, June 17 – Allegheny Technologies Inc. plans to repurchase a portion of its outstanding 4.75% convertible senior notes due 2022 with the proceeds of a new convertibles deal, according to a company release.

The terms of the repurchases, negotiated concurrently with the pricing of the new notes, will depend on various factors, including the trading price of the 2022 notes. The repurchases may create volatility in the price, and they may also impact the initial conversion price for the new notes.

In connection with the pricing of the new notes, the company expects to enter into privately negotiated capped call transactions with one or more financial institutions.

The issuer is a Pittsburgh-based specialty metals manufacturer.

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