RTI Int'l To Offer 5M Shares In Public Offering

PITTSBURGH (AP) — RTI International Metals Inc., which makes titanium mill products and fabricated metal parts, said Tuesday it plans to offer 5 million shares of its common stock in a public offering.

The company expects to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock to cover over-allotments, if any. The offering is being underwritten by Citi and FBR Capital Markets.

RTI International said it plans to use net proceeds, along with existing cash, to repay the term loan portion of its credit facility, trim debt under its two Canadian credit facilities and for related costs and expenses.

The company has about 23.1 million shares outstanding.

Shares of RTI International fell $1.34, or 6.2 percent, to $20.20 in after-hours trading. The stock rose $1.49, or 7.4 percent, to close the regular session at $21.54.