By Andrea Heisinger
New York, Jan. 4 - Allegheny Technologies Inc. priced $500 million of 5.95% 10-year senior notes on Tuesday at a spread of Treasuries plus 262.5 basis points, an informed source said.
The notes (Baa3/BBB-/) priced at 99.886 to yield 5.965%.
There is a make-whole call of 40 bps over Treasuries.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. Inc. were the active bookrunners. Bank of America Merrill Lynch was a passive bookrunner.
Proceeds are being used to finance the cash portion of the merger consideration for the acquisition of Ladish Co., Inc.
The specialty metals company is based in Pittsburgh.
| Issuer: | Allegheny Technologies Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 15, 2021
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. Inc. (active), Bank of America Merrill Lynch (passive)
|
| Coupon: | 5.95%
|
| Price: | 99.886
|
| Yield: | 5.965%
|
| Spread: | Treasuries plus 262.5 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Trade date: | Jan. 4
|
| Settlement date: | Jan. 7
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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