Allegheny greenshoe upsizes 4.75% convertible sale to $287.5 million

By Tali Rackner

Norfolk, Va., June 1 – Underwriters for Allegheny Technologies Inc.'s offering of 4.75% convertible senior notes due 2022 exercised their over-allotment option in full for $37.5 million more of the convertibles, increasing the size of the issue to $287.5 million, according to a press release.

As previously reported, the company sold $250 million of the convertibles at par on May 18.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and BofA Merrill Lynch are the joint bookrunners for the registered, off-the-shelf deal.

The convertibles are non-callable with no puts and have takeover and dividend protection.

Proceeds are earmarked for general corporate purposes, which may include voluntary or required contributions to the company’s defined benefit pension trust, or the repurchase, repayment or refinancing of debt.

Allegheny is a Pittsburgh-based specialty steel maker.

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