Timet exchanges 97.1% of 6 5/8% convertibles

New York, Sept. 1 - Titanium Metals Corp. said it completed its exchange offer for all its 6 5/8% convertible preferred securities in the Beneficial Unsecured Convertible Securities (BUCS) structure issued by Timet Capital Trust I, exchanging 3.909 million shares of the BUCS or 97.1% of the 4.025 million shares outstanding.

The offer expired at midnight ET on Aug. 31.

Titanium Metals previously extended the exchange on Aug. 27.

By 5 p.m. ET on Aug. 26 - the old expiration date - holders had tendered 3.905 million of the BUCS or 97% of the amount outstanding.

Titanium Metals announced the exchange on July 30.

The Denver producer of titanium metal products is offering shares of 6¾% series A convertible preferred stock on a one-for-one basis for the BUCS.

Titanium Metals currently has 4.025 million shares of the BUCS outstanding.

Innisfree M&A Inc. is the information agent (888 750-5834), and American Stock Transfer and Trust Co. is the exchange agent.

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