RTI's 6.5-year convertibles may be upsized to $300 million, talked at 1.625%-2.125%, up 30%-35%

By Rebecca Melvin

New York, April 11 -RTI International Metals Inc.'s planned 6.5-year convertible senior notes may be upsized $300 million up from an initially talked $250 million, a syndicate source said during marketing Thursday.

The registered offering, seen pricing after the market close, would also have an upsized greenshoe of $45 million.

Pricing was unchanged from initial talk at 1.625% to 2.125% for the coupon and 30% to 35% for the initial conversion premium, the syndicate source said.

Joint bookrunners were Barclays and Citigroup Global Markets Inc., with senior co-managers FBR Capital Markets and Stifel Nicolaus.

The notes will be converted into shares, cash or a combination of both at the company's election.

The notes have contingent conversion if shares are at least 130% of the conversion price. They are non-callable with no puts. There is also takeover and dividend protection.

Proceeds are intended for working capital and general corporate purposes, including capital expenditures as well as potential future acquisitions and repurchases of existing convertible notes.

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

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