RTI International convertibles lifted to $230 million with greenshoe

By Marisa Wong

Madison, Wis., Dec. 14 - RTI International Metals Inc. said that the underwriters of its recent offering of 3% convertible senior notes due Dec. 1, 2015 exercised the $30 million over-allotment option in full, increasing the total deal size to $230 million. The offering closed on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

RTI priced an upsized $200 million of five-year convertibles at par on Dec. 8 to yield 3% with an initial conversion premium of 32.5%.

The offering was brought to market via FBR Capital Markets & Co. and Citigroup Group Markets Inc. as the joint bookrunners, with Comerica Securities, KeyBanc Capital Markets and PNC Capital Markets LLC acting as the co-managers.

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

Proceeds are earmarked for working capital and general corporate purposes, including capital expenditures and future acquisitions.

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

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