Allegheny Technologies to sell $350 million eight-year notes on Wednesday; talk low 6% area

By Paul A. Harris

Portland, Ore., Nov. 19 – Allegheny Technologies Inc. plans to price a $350 million offering of senior notes due 2027 (existing ratings B2/B) on Wednesday, according to market sources.

Initial talk has the deal coming to yield in the low 6% area, an investor said.

The public offering was scheduled to be shopped on a late Tuesday morning conference call with investors.

BofA Securities Inc. is the left bookrunner. Citigroup Global Markets Inc. is the joint bookrunner.

PNC Capital Markets LLC, MUFG, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and HSBC Securities (USA) Inc. are the co-managers.

The eight-year notes will become callable after three years at par plus 50% of the coupon.

The Pittsburgh-based specialty metals manufacturer plans to use the proceeds, together with cash on hand, to redeem all of its outstanding 5.95% senior notes due 2021.

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