Haynes to repay revolver borrowings with IPO proceeds

By Sara Rosenberg

New York, March 20 - Haynes International Inc. plans to repay all borrowings under its U.S. revolving credit facility using proceeds from its initial public offering of common stock, according to a 424B1 filed with the Securities and Exchange Commission Tuesday.

The company priced its public offering 2.1 million shares on Monday at an aggregate offering price of $136.5 million, or $65.00 per share.

Remaining proceeds from the IPO will be used for general corporate purposes.

Haynes is a Kokomo, Ind.-based developer, manufacturer, marketer and distributor of technologically advanced, high-performance alloys, primarily for use in the aerospace, land-based gas turbine and chemical processing industries.

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