By Andrea Heisinger
New York, May 27 - Allegheny Technologies Inc. sold an upsized $350 million 9.375% 10-year senior notes Wednesday to yield 9.5%, an informed source said.
The size was originally announced in a press release at $300 million.
The deal was done concurrently with a $350 million sale of convertible notes due 2014.
The notes (Baa3/BBB-/) priced at 99.204 with a spread of Treasuries plus 578.5 basis points.
The notes feature a change-of-control put of 101% and have a make-whole call at Treasuries plus 50 bps.
Bookrunners were Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. Banc of America Securities LLC was joint lead manager.
Proceeds will be used to purchase any and all outstanding 8.375% notes due 2011, with any remainder for general corporate purposes.
The specialty metals producer is based in Pittsburgh.
| Issuer: | Allegheny Technologies Inc.
|
| Issue: | Senior notes
|
| Amount: | $350 million, increased from $300 million
|
| Maturity: | June 1, 2019
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities Inc.
|
| Joint lead manager: | Banc of America Securities LLC
|
| Coupon: | 9.375%
|
| Price: | 99.204
|
| Yield: | 9.5%
|
| Spread: | Treasuries plus 578.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | May 27
|
| Settlement date: | June 1
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
