Allegheny Technologies begins tender offer for 8.375% notes due 2011

By Angela McDaniels

Tacoma, Wash., May 26 - Allegheny Technologies Inc. has begun a cash tender offer to purchase any and all of its $300 million outstanding principal amount of 8.375% notes due 2011, according to a company news release.

The company is offering $1,060 for each $1,000 principal amount of the notes plus accrued interest up to but excluding the settlement date, which is expected to be June 4.

The tender offer will expire at 5 p.m. ET on June 3.

The tender offer is not conditioned on any minimum amount of notes being tendered but is conditioned on the consummation of Allegheny's offering of new senior unsecured debt securities.

Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745) and J.P. Morgan Securities Inc. (212 834-3424 or 866 834-4666) are the lead dealer managers, and Banc of America Securities LLC is co-dealer manager.

Global Bondholder Services Corp. (212 430-3774 or 866 294-2200) is information agent.

Allegheny Technologies is a specialty metals producer based in Pittsburgh.

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