Exhibit 5.1
May 26, 2009
Allegheny Technologies Incorporated
1000 Six PPG Place
Pittsburgh, Pennsylvania 15222-5479
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| Re: |
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Registration Statement on Form S-3 |
Ladies and Gentlemen:
We have acted as counsel to Allegheny Technologies Incorporated (the Company) in connection
with the Registration Statement on Form S-3 (the Registration Statement) filed by the Company
with the Securities and Exchange Commission (the Commission) under the Securities Act of 1933, as
amended (the Securities Act), relating to an indeterminate amount of the following:
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(1) |
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the Companys debt securities, which may be either senior (the Senior Debt
Securities) or subordinated (the Subordinated Debt Securities and, together with the
Senior Debt Securities, the Debt Securities); |
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(2) |
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shares of the Companys preferred stock, $0.10 par value (the Preferred
Stock); |
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(3) |
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shares of the Companys common stock, $0.10 par value (the Common Stock); |
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(4) |
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warrants (the Warrants); |
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(5) |
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purchase contracts (the Purchase Contracts); |
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(6) |
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purchase units (the Purchase Units); |
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(7) |
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depositary shares (the Depositary Shares and, together with the Debt
Securities, Preferred Stock, Common Stock, Warrants, Purchase Contracts, and Purchase
Units, the Securities). |
In connection with rendering the opinions set forth below, we have examined (i) the
Registration Statement, including the exhibits filed therewith; (ii) the Companys Certificate of
Incorporation, as amended; (iii) the Companys Amended and Restated Bylaws; and (iv) resolutions
adopted by the Board of Directors of the Company (the Board of Directors). We have made such
other investigation as we have deemed appropriate. We have examined and relied on certificates of
public officials. We have not independently established any of the facts so relied on.
Allegheny Technologies Incorporated
May 26, 2009
Page 2
For the purposes of this opinion letter, we have assumed that (i) each document submitted to
us is accurate and complete; (ii) each such document that is an original is authentic; (iii) each
such document that is a copy conforms to an authentic original; and (iv) all signatures (other than
signatures on behalf of the Company) on each such document are genuine. We have further assumed
the legal capacity of natural persons, and we have assumed that each party to the documents we have
examined or relied on (other than the Company) has the legal capacity or authority and has
satisfied all legal requirements that are applicable to that party to the extent necessary to make
such documents enforceable against that party. We have not verified any of the foregoing
assumptions.
The opinions expressed in this opinion letter are limited to (i) the federal law of the United
States; (ii) solely in connection with the opinions given in numbered paragraphs 1 and 2 below, the
law of the State of New York; and (iii) the General Corporation Law of the State of Delaware (the
DGCL), including the statutory provisions, all applicable provisions of the Delaware Constitution
and reported judicial decisions interpreting the DGCL. We are not opining on, and we assume no
responsibility for, the applicability to or effect on any of the matters covered herein of (i) any
other laws; (ii) the laws of any other jurisdiction; or (iii) the law of any county, municipality
or other political subdivision or local governmental agency or authority.
Based on the foregoing, and subject to the foregoing, and assuming that (i) the Registration
Statement will be effective and will comply with all applicable laws at the time the relevant
Securities are offered or issued as contemplated by the Registration Statement; (ii) a prospectus
supplement or term sheet will have been prepared and filed with the Commission describing the
Securities offered thereby and will comply with all applicable laws; (iii) all Securities will be
issued and sold in compliance with applicable federal and state securities laws and in the manner
stated in the Registration Statement and the applicable prospectus supplement; (iv) the Board of
Directors, or any duly authorized committee thereof, shall not have rescinded or otherwise modified
its authorization of any such issuance of Securities or the establishment of the terms of any
series of such Securities or any related matters; (v) the Company shall remain at all times a
corporation incorporated under the law of the State of Delaware; and (vi) the additional
qualifications and other matters set forth below, it is our opinion that:
1. Assuming the terms of such Senior Debt Securities have been duly established in accordance
with the senior debt indenture pursuant to which the Senior Debt Securities are to be issued (the
Senior Debt Indenture), which is substantially in the form of the senior debt indenture filed as
Exhibit 4.5 to the Registration Statement, and so as not to violate any applicable law, rule or
regulation or result in a default under or breach of any agreement or instrument binding upon the
Company and so as to comply with any applicable requirement or restriction imposed by any court or
governmental body having jurisdiction over the Company, when (i) the terms and the execution and
delivery of the Senior Debt Indenture and the Senior
Allegheny Technologies Incorporated
May 26, 2009
Page 3
Debt Securities, and the issuance and sale of the Senior Debt Securities, have been duly authorized
and approved by all necessary action of the Board of Directors, or a duly authorized committee
thereof; (ii) the Senior Debt Indenture has been duly executed and delivered by the Company and the
trustee to be named in the prospectus supplement relating to the offering of the Senior Debt
Securities (the Senior Debt Trustee); and (iii) the Senior Debt Securities have been duly
executed, authenticated (if required), issued and delivered as contemplated by the Registration
Statement and any prospectus supplement relating thereto and in accordance with the Senior Debt
Indenture and any other agreement or instrument binding upon the Company, upon payment of the
consideration fixed therefor in accordance with the applicable definitive purchase, underwriting or
similar agreement approved by the Board of Directors, or a duly authorized committee thereof, the
Senior Debt Securities will constitute valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms (subject to the effect of bankruptcy,
insolvency, fraudulent transfer, reorganization, receivership, moratorium and other laws affecting
the rights and remedies of creditors or secured parties generally, and to the exercise of judicial
discretion in accordance with general principles of equity, whether applied by a court of law or
equity).
2. Assuming the terms of such Subordinated Debt Securities have been duly established in
accordance with the subordinated debt indenture pursuant to which the Subordinated Debt Securities
are to be issued (the Subordinated Debt Indenture), which is substantially in the form of the
subordinated debt indenture filed as Exhibit 4.6 to the Registration Statement, and so as not to
violate any applicable law, rule or regulation or result in a default under or breach of any
agreement or instrument binding upon the Company and so as to comply with any applicable
requirement or restriction imposed by any court or governmental body having jurisdiction over the
Company, when (i) the terms and the execution and delivery of the Subordinated Debt Indenture and
the Subordinated Debt Securities, and the issuance and sale of the Subordinated Debt Securities,
have been duly authorized and approved by all necessary action of the Board of Directors, or a duly
authorized committee thereof; (ii) the Subordinated Indenture has been duly executed and delivered
by the Company and the trustee to be named in the prospectus supplement relating to the offering of
the Subordinated Debt Securities (the Subordinated Debt Trustee); and (iii) the Subordinated Debt
Securities have been duly executed, authenticated (if required), issued and delivered as
contemplated by the Registration Statement and any prospectus supplement relating thereto and in
accordance with the Subordinated Debt Indenture and any other agreement or instrument binding upon
the Company, upon payment of the consideration fixed therefor in accordance with the applicable
definitive purchase, underwriting or similar agreement approved by the Board of Directors, or a
duly authorized committee thereof, the Subordinated Debt Securities will constitute valid and
binding obligations of the Company, enforceable against the Company in accordance with their terms
(subject to the effect of bankruptcy, insolvency, fraudulent transfer, reorganization,
receivership, moratorium and other laws affecting the rights and remedies of creditors or secured
parties generally, and to the
Allegheny Technologies Incorporated
May 26, 2009
Page 4
exercise of judicial discretion in accordance with general principles of equity, whether applied by
a court of law or equity).
3. Assuming the terms of such Preferred Stock have been duly established so as not to violate
any applicable law, rule or regulation or result in a default under or breach of any agreement or
instrument binding upon the Company and so as to comply with any applicable requirement or
restriction imposed by any court or governmental body having jurisdiction over the Company, when
(i) the terms of the Preferred Stock have been duly established in conformity with the Companys
Articles of Incorporation, as amended and as may be amended from time to time hereafter, and the
terms of the Preferred Stock and of the issuance and sale thereof have been duly authorized and
approved by all necessary action of the Board of Directors, or a duly authorized committee thereof;
(ii) either a Certificate of Amendment of the Companys Articles of Incorporation or a Certificate
of Designation, in either case fixing and determining the terms of the Preferred Stock, has been
duly filed with the Secretary of State of the State of Delaware and upon payment in full of any
filing fees attendant thereto; and (iii) certificates representing the shares of the Preferred
Stock have been duly executed, authenticated (if required), issued and delivered as contemplated by
the Registration Statement and any prospectus supplement relating thereto and in accordance with
any agreement or instrument binding upon the Company, upon payment of the consideration fixed
therefor in accordance with the applicable definitive purchase, underwriting or similar agreement
approved by the Board of Directors, or a duly authorized committee thereof, the Preferred Stock
will be validly issued, fully paid and nonassessable.
4. When the (i) the terms of an issuance and sale of Common Stock have been duly authorized
and approved by all necessary action of the Board of Directors, or a duly authorized committee
thereof, so as not to violate any applicable law, rule or regulation or result in a default under
or a breach of any agreement or instrument binding upon the Company and so as to comply with any
applicable requirement or restriction imposed by any court or governmental body having jurisdiction
over the Company; and (ii) certificates for the shares of the Common Stock have been duly executed,
authenticated (if required), issued and delivered as contemplated by the Registration Statement and
any prospectus supplement relating thereto and in accordance with any agreement or instrument
binding upon the Company, upon payment of the consideration fixed therefor in accordance with the
applicable definitive purchase, underwriting or similar agreement approved by the Board of
Directors, or a duly authorized committee thereof, the Common Stock will be validly issued, fully
paid and nonassessable.
5. Assuming the terms of such Warrants have been duly established in accordance with the
applicable warrant agreement (the Warrant Agreement) so as not to violate any applicable law,
rule or regulation or result in a default under or breach of any agreement or instrument binding
upon the Company and so as to comply with any applicable requirement or restriction imposed by any
court or governmental body having jurisdiction over the Company, when (i) the
Allegheny Technologies Incorporated
May 26, 2009
Page 5
terms and the execution and delivery of the Warrant Agreement relating to any Warrants and the
terms of the Warrants, and of their issuance and sale, have been duly authorized and approved by
all necessary action of the Board of Directors, or a duly authorized committee thereof; (ii) the
Warrant Agreement relating to the Warrants has been duly executed and delivered by the Company and
such warrant agent as shall have been appointed by the Company with respect thereto; and (iii) the
Warrants or certificates representing the Warrants, as the case may be, have been duly executed,
authenticated (if required), issued and delivered as contemplated by the Registration Statement and
any prospectus supplement relating thereto and in accordance with the terms of the applicable
Warrant Agreement and any other agreement or instrument binding upon the Company, upon payment of
the consideration fixed therefor in accordance with the applicable Warrant Agreement and the
applicable definitive purchase, underwriting or similar agreement approved by the Board of
Directors, or a duly authorized committee thereof, the Warrants will constitute valid and binding
obligations of the Company, enforceable against the Company in accordance with their terms (subject
to the effect of bankruptcy, insolvency, fraudulent transfer, reorganization, receivership,
moratorium and other laws affecting the rights and remedies of creditors or secured parties
generally, and to the exercise of judicial discretion in accordance with general principles of
equity, whether applied by a court of law or equity).
6. Assuming the terms of such Purchase Contracts have been duly established in accordance
with the applicable purchase contract agreement (the Purchase Contract Agreement) so as not to
violate any applicable law, rule or regulation or result in a default under or breach of any
agreement or instrument binding upon the Company and so as to comply with any applicable
requirement or restriction imposed by any court or governmental body having jurisdiction over the
Company, when (i) the terms and the execution and delivery of the Purchase Contract Agreement
relating to any Purchase Contracts and the terms of the Purchase Contracts, and of their issuance
and sale, have been duly authorized and approved by all necessary action of the Board of Directors,
or a duly authorized committee thereof; (ii) the Purchase Contract Agreement relating to the
Purchase Contracts has been duly executed and delivered by the Company and such purchase contract
agent as shall have been appointed by the Company with respect thereto; and (iii) the Purchase
Contracts or certificates representing the Purchase Contracts, as the case may be, have been duly
executed, authenticated (if required), issued and delivered as contemplated by the Registration
Statement and any prospectus supplement relating thereto and in accordance with the terms of the
applicable Purchase Contract Agreement and any other agreement or instrument binding upon the
Company, upon payment of the consideration fixed therefor in accordance with the applicable
Purchase Contract Agreement and the applicable definitive purchase, underwriting or similar
agreement approved by the Board of Directors, or a duly authorized committee thereof, the Purchase
Contracts will constitute valid and binding obligations of the Company enforceable against the
Company in accordance with their terms (subject to the effect of bankruptcy, insolvency, fraudulent
transfer, reorganization, receivership, moratorium and other laws affecting the rights and remedies
of creditors or secured parties
Allegheny Technologies Incorporated
May 26, 2009
Page 6
generally, and to the exercise of judicial discretion in accordance with general principles of
equity, whether applied by a court of law or equity).
7. Assuming that (A) the combination of the securities of which such Purchase Units consist
has been duly authorized and approved by all necessary action of the Board of Directors, or a duly
authorized committee thereof, (B) the terms of such Purchase Units have been duly established in
accordance with the applicable purchase unit agreement (the Purchase Unit Agreement) so as not to
violate any applicable law, rule or regulation or result in a default under or breach of any
agreement or instrument binding upon the Company and so as to comply with any applicable
requirement or restriction imposed by any court or governmental body having jurisdiction over the
Company, (C) the Purchase Contracts that form a part of such Purchase Units constitute valid and
binding obligations of the Company in accordance with their terms, as contemplated in numbered
paragraph 6 above, (D) any Debt Securities that form a part of such Purchase Units are validly
issued and constitute valid and binding obligations of the Company, enforceable against the Company
in accordance with their respective terms, as contemplated in numbered paragraphs 1 and 2 above, as
applicable, (E) any Preferred Stock or Common Stock that form a part of such Purchase Units are
validly issued, fully paid and nonassessable, as contemplated in numbered paragraphs 3 and 4 above,
respectively, as applicable, (F) any Warrants that form a part of such Purchase Units constitute
valid and binding obligations of the Company in accordance with their terms, as contemplated in
numbered paragraph 5 above, as applicable, (G) any Depositary Shares that form a part of such
Purchase Units are validly issued and entitle the holders thereof to the rights specified therein
and in the applicable Deposit Agreement, as contemplated in numbered paragraph 8 below, and (H) any
debt obligations, including any U.S. Treasury Securities, of third parties that form a part of such
Purchase Units have been duly authorized, executed, authenticated (if required), issued and
delivered in accordance with their respective terms, when (i) the terms and the execution and
delivery of the Purchase Unit Agreement relating to any Purchase Units and the terms of the
Purchase Units, and of their issuance and sale, have been duly authorized and approved by all
necessary action of the Board of Directors, or a duly authorized committee thereof; (ii) the
Purchase Unit Agreement relating to the Purchase Units has been duly executed and delivered by the
Company and such purchase unit agent as shall be appointed by the Company with respect thereto; and
(iii) the Purchase Units or certificates representing the Purchase Units, as the case may be, have
been duly executed, authenticated (if required), issued and delivered as contemplated by the
Registration Statement and any prospectus supplement relating thereto and in accordance with the
terms of the applicable Purchase Unit Agreement and any other agreement or instrument binding upon
the Company, upon payment of the consideration fixed therefor in accordance with the applicable
Purchase Unit Agreement and the applicable purchase, underwriting or similar agreement approved by
the Board of Directors, or a duly authorized committee thereof, the Purchase Units will constitute
valid and binding obligations of the Company enforceable against the Company in accordance with
their terms (subject to the effect of bankruptcy, insolvency, fraudulent transfer, reorganization,
receivership, moratorium and other laws affecting the rights
Allegheny Technologies Incorporated
May 26, 2009
Page 7
and remedies of creditors or secured parties generally, and to the exercise of judicial discretion
in accordance with general principles of equity, whether applied by a court of law or equity).
8. Assuming the terms of such Depositary Shares have been duly established in accordance with
the applicable deposit agreement (the Deposit Agreement) so as not to violate any applicable law,
rule or regulation or result in a default under or breach of any agreement or instrument binding
upon the Company and so as to comply with any applicable requirement or restriction imposed by any
court or governmental body having jurisdiction over the Company, when (i) the terms and the
execution and delivery of the Deposit Agreement relating to any Depositary Shares and the terms of
the Depositary Shares and of their issuance and sale have been duly authorized and approved by all
necessary action of the Board of Directors, or a duly authorized committee thereof; (ii) the
Deposit Agreement relating to the Depositary Shares and the depositary receipts evidencing the
Depositary Shares (the Depositary Receipts) have been duly executed and delivered by the Company
and such depositary as shall have been duly appointed by the Company with respect thereto (the
Depositary); (iii) the shares of Preferred Stock relating to such Depositary Shares have been
duly authorized and are validly issued, fully paid and non-assessable as contemplated in numbered
paragraph 3 above; (iv) the shares of Preferred Stock relating to such Depositary Shares have been
deposited with the Depositary in accordance with the applicable Deposit Agreement; and (v) the
Depositary Receipts have been duly executed, countersigned, registered and delivered, as
contemplated by the Registration Statement and any prospectus supplement related thereto and in
accordance with the applicable Deposit Agreement and any other agreement or instrument binding upon
the Company, upon payment of the consideration fixed therefor in accordance with the applicable
Deposit Agreement and the applicable definitive purchase, underwriting or similar agreement
approved by the Board of Directors, or a duly authorized committee thereof, the Depositary Shares
will be validly issued and will entitle the holders thereof to the rights specified therein and in
the applicable Deposit Agreement.
9. If any Securities are issuable (the Issuable Securities) upon settlement, exercise,
conversion or exchange of any other Securities (the Initial Securities) pursuant to the terms
thereof, when (i) the terms of the issuance of the Issuable Securities have been duly authorized
and approved as provided in numbered paragraphs 1 through 8 above, as the case may be; and (ii) the
Issuable Securities have been issued upon settlement, exercise, conversion or exchange, as the case
may be, of Initial Securities as contemplated by the Registration Statement and any prospectus
supplement relating thereto, in accordance with the terms of the applicable Initial Securities, the
Issuable Securities and any agreement or instrument binding upon the Company, and so as not to
violate any applicable law, rule or regulation or result in a default under or a violation of any
agreement or instrument binding upon the Company, and so as to comply with any applicable
requirement or restriction imposed by any court or governmental authority having jurisdiction over
the Company, upon such issuance, the Issuable Securities so issued will be duly authorized, validly
issued, fully paid and nonassessable.
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May 26, 2009
Page 8
We assume no obligation to update or supplement any of our opinions to reflect any changes of
law or fact that may occur.
We hereby consent to the filing of this opinion letter as an exhibit to the Registration
Statement and to the reference to this firm under the heading Legal Matters in the Prospectus
forming a part thereof. In giving such consent, we do not thereby admit that we are in the
category of persons whose consent is required under Section 7 of the Securities Act.
Yours truly,
/s/ K&L Gates LLP