Timet starts exchange for 6 5/8% convertibles

New York, July 30 - Titanium Metals Corp. said it has begun an 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.

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.

The exchange runs through midnight ET on Aug. 26.

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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