DALLAS, Aug. 7, 2023
/PRNewswire/ -- ATI Inc. (NYSE: ATI) announced today that it has
successfully upsized and priced its public offering of senior
notes. ATI has agreed to sell $425,000,000 aggregate principal amount of 7.25%
Senior Notes due 2030 (the "Notes"). The principal amount of the
offering was increased from the previously announced offering size
of $400,000,000. The Notes will pay
interest semi-annually in arrears at a rate of 7.25% per year and
will mature on August 15, 2030,
unless earlier redeemed or repurchased.
ATI intends to use up to approximately $300.0 million of the net proceeds to fund
its pension liabilities and to implement pension de-risking
strategies, potentially including annuitizations. The remaining net
proceeds will be used for liquidity and general corporate
purposes.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and
J. P. Morgan Securities LLC are acting as the joint book-running
managers for the offering.
The offering of the Notes is being made pursuant to an effective
shelf registration statement. The offering will be made only by
means of a prospectus supplement and the accompanying prospectus.
Copies of the preliminary prospectus supplement and the
accompanying prospectus may be obtained from Citigroup Global
Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, New York 11717,
telephone: 1-800-831-9146 or from the SEC website at
www.sec.gov.
This news release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of the
Notes in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
This news release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Certain statements in this news release relate to future
events and expectations and, as such, constitute forward-looking
statements. Forward-looking statements, which may contain such
words as "anticipates," "believes," "estimates," "expects,"
"would," "should," "will," "will likely result," "forecast,"
"outlook," "projects," and similar expressions, are based on
management's current expectations and include known and unknown
risks, uncertainties and other factors, many of which we are unable
to predict or control. Our performance or achievements may differ
materially from those expressed or implied in any forward-looking
statements due to the following factors, among others: (a) material
adverse changes in economic or industry conditions generally,
including global supply and demand conditions and prices for our
specialty metals; (b) material adverse changes in the markets we
serve; (c) our inability to achieve the level of cost savings,
productivity improvements, synergies, growth or other benefits
anticipated by management from strategic investments and the
integration of acquired businesses; (d) volatility in the price and
availability of the raw materials that are critical to the
manufacture of our products; (e) declines in the value of our
defined benefit pension plan assets or unfavorable changes in laws
or regulations that govern pension plan funding; (f) labor disputes
or work stoppages; (g) equipment outages; (h) business and economic
disruptions associated with extraordinary events beyond our
control, such as war, terrorism, international conflicts, public
health issues such as health epidemics or pandemics, natural
disasters and climate-related events; and (i) other risk
factors summarized in our Annual Report on Form 10-K for the year
ended December 31, 2022, and in other reports filed with the
Securities and Exchange Commission. We assume no duty to update our
forward-looking statements.
ATI: Proven to Perform.
ATI (NYSE: ATI) is a global producer of high performance
materials and solutions for the global aerospace and defense
markets, and critical applications in electronics, medical and
specialty energy. We're solving the world's most difficult
challenges through materials science. We partner with our customers
to deliver extraordinary materials that enable their greatest
achievements: their products fly higher and faster, burn hotter,
dive deeper, stand stronger and last longer. Our proprietary
process technologies, unique customer partnerships and commitment
to innovation deliver materials and solutions for today and the
evermore challenging environments of tomorrow. We are proven
to perform anywhere.
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SOURCE ATI