RTI International gets $425 million amended and restated credit facility

By Sara Rosenberg

New York, Sept. 11 - RTI International Metals Inc. closed on a $425 million four-year amended and restated credit facility, according to an 8-K filed with the Securities and Exchange Commission Thursday.

PNC and Fifth Third acted as the co-lead arrangers on the deal that was completed on Sept. 8, with PNC the bookrunner and documentation agent, National City the administrative agent, and Citibank the syndication agent.

The facility consists of a $225 million term loan priced at Libor plus 200 basis points with a step up to Libor plus 250 bps at 2.0:1.0 leverage and a $200 million revolver with an initial rate of Libor plus 40 bps. Revolver pricing can go as high as Libor plus 125 bps.

The revolver has a $100 million accordion feature.

Financial covenants include a leverage ratio of 3.25 to 1.00 and a ratio of consolidated EBITDA to consolidated interest expense of 2.0 to 1.0.

Proceeds were used to refinance the company's previous revolving credit facility.

RTI is a Pittsburgh-based manufacturer and seller of titanium mill products, and supplier of fabricated titanium and specialty metal components.

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