PITTSBURGH, Sept. 3,
2024 /PRNewswire/ -- ATI Inc. (NYSE: ATI) announced
that its Board of Directors has authorized the repurchase of up to
$700 million of its outstanding
common stock, which the Company currently expects will support a
multi-year share repurchase program. Repurchases under the program
may be made in the open market or in privately negotiated
transactions, with the amount and timing of repurchases depending
on market conditions and corporate needs. Open market repurchases
will be structured to occur within the pricing and volume
requirements of SEC Rule 10b-18. The
stock repurchase program does not obligate the Company to
repurchase any specific number of shares, and it may be modified,
suspended, or terminated at any time by the Board of Directors
without prior notice.
"This latest renewal of our stock repurchase program reflects
our continuing confidence in ATI's long-term financial performance
and our robust cash and liquidity position," said President and CEO
Kim Fields. "We are well-positioned
in growing markets, delivering the high-performance materials and
solutions our customers need."
Additionally, the Company has notified the holders of the
remaining $291 million principal
amount outstanding of its 3.5% Senior Convertible Notes due 2025
(the "Notes") that the Notes will be redeemed on September 10, 2024. At any time prior to
the close of business on September 9,
2024, holders of any outstanding Notes have the right to
convert the principal amount of such Notes into shares of ATI's
common stock, par value $0.10 per
share (the "Common Stock") at a conversion rate of 64.7178 shares
of Common Stock per $1,000 principal
amount of the Notes. Notes not tendered for conversion prior
to the close of business on September 9,
2024 will be redeemed on September
10, 2024 in cash, at a redemption price equal to the
principal amount of such Notes, plus accrued and unpaid interest on
such Notes.
"Together, these actions reflect our strong commitment to a
balanced capital allocation strategy. We're emphasizing balance
sheet de-leveraging and shareholder return while funding profitable
growth," said Fields.
This news release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Certain statements in this news release relate to future
events and expectations and, as such, constitute forward-looking
statements. Forward-looking statements, which may contain such
words as "anticipates," "believes," "estimates," "expects,"
"would," "should," "will," "will likely result," "forecast,"
"outlook," "projects," and similar expressions, are based on
management's current expectations and include known and unknown
risks, uncertainties and other factors, many of which we are unable
to predict or control. Our performance or achievements may differ
materially from those expressed or implied in any forward-looking
statements due to the following factors, among others: (a) material
adverse changes in economic or industry conditions generally,
including global supply and demand conditions and prices for our
specialty materials; (b) material adverse changes in the markets we
serve; (c) our inability to achieve the level of cost savings,
productivity improvements, synergies, growth or other benefits
anticipated by management from strategic investments and the
integration of acquired businesses; (d) volatility in the price and
availability of the raw materials that are critical to the
manufacture of our products; (e) declines in the value of our
defined benefit pension plan assets or unfavorable changes in laws
or regulations that govern pension plan funding; (f) labor disputes
or work stoppages; (g) equipment outages; (h) business and economic
disruptions associated with extraordinary events beyond our
control, such as war, terrorism, international conflicts, public
health issues, such as epidemics or pandemics, natural disasters
and climate-related events that may arise in the future and (i)
other risk factors summarized in our Annual Report on Form 10-K for
the year ended December 31, 2023, and in other reports filed with
the Securities and Exchange Commission. We assume no duty to update
our forward-looking statements.
ATI: Proven to Perform.
ATI (NYSE: ATI) is a
global producer of high performance materials and solutions for the
global aerospace & defense markets, and critical applications
in electronics, medical and specialty energy. We're solving the
world's most difficult challenges through materials science. We
partner with our customers to deliver extraordinary materials that
enable their greatest achievements: their products fly higher and
faster, burn hotter, dive deeper, stand stronger and last longer.
Our proprietary process technologies, unique customer partnerships
and commitment to innovation deliver materials and solutions for
today and the evermore challenging environments of tomorrow. We are
proven to perform anywhere. Learn more at ATImaterials.com.
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SOURCE ATI