~20% dilution ($175 million public offering/ $900 million market cap)http://finance.yahoo.com/news/RTI-International-Metals-bw-1362949047.html?x=0&.v=1
The unsecured notes are not dilutive at all unless RTI chooses them to be in December 2015. From the press release:"Upon conversion, RTI will deliver or pay, as the case may be, shares of RTI common stock, cash or a combination of cash and shares of RTI common stock, at RTI’s election."
When calculating fully diluted EPS, you assume that all convertible securities are exercised. So this issuance is dilutive for that calculation whether or not they are exercised.http://www.investopedia.com/terms/d/dilutedeps.asp