Exhibit 99.1
| |
|
|
|
|
NEWS RELEASE |
|
|
|
Allegheny Technologies Incorporated
|
|
Contact: |
Corporate Headquarters
|
|
Dan L. Greenfield |
1000 Six PPG Place
|
|
412-394-3004 |
Pittsburgh, PA 15222-5479 |
|
|
U.S.A. |
|
|
WWW. alleghenytechnologies.com |
|
|
Allegheny Technologies Announces Results of Tender Offer
for Senior Notes Due 2011
Pittsburgh, PA, June 3, 2009 Allegheny Technologies Incorporated (NYSE:ATI) announced the
final results of its cash tender offer to purchase any and all of its outstanding 8.375% Senior
Notes due 2011 (the 2011 Notes).
The tender offer expired at 5:00 p.m., New York City time, on June 3, 2009. As of the time of the
expiration of the tender offer, $183,257,000 aggregate principal amount of the 2011 Notes had been
validly tendered and not validly withdrawn, all of which was accepted for payment by ATI.
The settlement date of the tender offer is June 4, 2009. On the settlement date, ATI will pay
$194,252,420 in cash in the aggregate to purchase the tendered 2011 Notes accepted for payment,
based upon cash consideration of $1,060 for each $1,000 principal amount of 2011 Notes. As
previously announced, a portion of the net proceeds from ATIs recent offering of $350 million
aggregate principal amount of 9.375% Notes due 2019 will be used to purchase the tendered 2011
Notes.
Citi and JPMorgan served as Lead Dealer Managers for the tender offer, and Banc of America
Securities LLC served as the co-dealer manager. Global Bondholder Services Corporation acted as the
depositary and information agent for the tender offer.
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 include those containing such words as anticipates, believes, estimates,
expects, would, should, will, will likely result, forecast, outlook, projects, and
similar expressions. Forward-looking statements are based on managements current expectations and
include known and unknown risks, uncertainties and other factors, many of which we are unable to
predict or control, that may cause our actual results, performance or achievements to materially
differ from those expressed or implied in the forward-looking statements. Important factors that
could cause actual results to differ materially from those in the forward-looking statements
include: (a) material adverse changes in economic or industry conditions generally, including
credit market conditions and related issues, and global supply and
demand conditions and prices for our specialty metals; (b) material adverse changes in the markets
we serve, including the aerospace and defense, construction and mining, automotive, electrical
energy, chemical process industry, oil and gas, medical and other markets; (c) our inability to
achieve the level of cost savings, productivity improvements, synergies, growth or other benefits
anticipated by management, including those anticipated from strategic investments and the
integration of acquired businesses, whether due to significant increases in energy, raw materials
or employee benefits costs, the possibility of project cost overruns or unanticipated costs and
expenses, or other factors; (d) volatility of prices and availability of supply 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) significant legal proceedings or investigations adverse to us; (g) other
risk factors summarized in our Annual Report on Form 10-K for the year ended December 31, 2008, and
in other reports filed with the Securities and Exchange Commission. We assume no duty to update our
forward-looking statements.
Building the Worlds Best Specialty Metals Company
Allegheny Technologies Incorporated is one of the largest and most diversified specialty metals
producers in the world with revenues of $5.3 billion during 2008. ATI has approximately 9,600
full-time employees world-wide who use innovative technologies to offer global markets a wide range
of specialty metals solutions. Our major markets are aerospace and defense, chemical process
industry/oil and gas, electrical energy, medical, automotive, food equipment and appliance, machine
and cutting tools, and construction and mining. Our products include titanium and titanium alloys,
nickel-based alloys and superalloys, grain-oriented electrical steel, stainless and specialty
steels, zirconium, hafnium, and niobium, tungsten materials, and forgings and castings.
- 2 -