RTI prices public offering at $19.50 per share

RTI International Metals prices stock offering at $19.50 per share; proceeds to pay down debt

• On 10:13 am EDT, Friday September 11, 2009

PITTSBURGH (AP) -- RTI International Metals Inc., which makes titanium parts for aircraft and other applications, Friday said it had priced a public offering that will raise a net $111.2 million to help it pay down debt.

The offering of 6 million shares was priced at $19.50 per share, the Pittsburgh-based company said. The number of shares is up from a previously expected 5 million.

RTI shares fell 3 cents to $20.48 in morning trading Friday.

The underwriters have the option of buying an additional 900,000 shares to meet demand, RTI said. If they use that option in full, RTI will get net proceeds of $127.8 million.

RTI plans to use the proceeds to pay down the term loan portion of its credit facility and the balance of two Canadian credit facilities.

The company has about 23.1 million shares outstanding.