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.
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.
