ATI driving by with $400 million seven-year unsecured notes, initial talk mid-7% area

By Paul A. Harris

Portland, Ore., Aug. 7 – ATI Inc. plans to price a $400 million public offering of seven-year senior notes (B2/expected B+) in a Monday drive-by, according to market sources.

The deal, which was set to kick off on a Monday morning conference call with investors, is in the market with initial guidance in the mid-7% area, according to a sellside source.

The notes come with three years of call protection.

Citigroup Global Markets Inc. is the left bookrunner. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the joint bookrunners.

BofA Securities, Inc., PNC Capital Markets LLC, MUFG, Wells Fargo Securities LLC and HSBC Securities (USA) Inc. are the co-managers.

The Dallas-based supplier of high-performance materials and solutions for the global aerospace and defense markets plans to use the proceeds to fund $300 million of its pension liabilities and for general corporate purposes.

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