RTI International prices upsized $200 million five-year convertibles to yield 3%, up 32.5%

New York, Dec. 8 - RTI International Metals Inc. priced an upsized $200 million offering of five-year convertible bonds after the close Wednesday to yield 3% with a 22.5% initial conversion premium.

The deal was increased from the $175 million announced earlier in the day and came at the rich end of talk for a yield of 3% to 3.5% with an initial conversion premium of 27.5% to 32.5%.

The registered deal has a 15%, or $30 million, greenshoe, increased from $26.25 million originally.

It was brought to market via FBR Capital Markets & Co. and Citi, acting as joint bookrunners.

The conversion price is $35.91 and the conversion rate 27.8474 shares.

The five-year bullet has a maturity date of Dec. 1, 2015.

Settlement is scheduled for Dec. 14.

Conversion settlement will be in shares, cash or a combination of cash and shares.

Proceeds are earmarked for working capital and general corporate purposes.

RTI International is a Pittsburgh-based producer of titanium mill products.

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