As filed with the Securities and Exchange Commission on May 15, 2015
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-3
REGISTRATION STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
ALLEGHENY TECHNOLOGIES INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
|
|
|
Delaware |
|
25-1792394 |
(State or Other Jurisdiction of
Incorporation or Organization) |
|
(I.R.S. Employer
Identification Number) |
1000 Six PPG Place
Pittsburgh, Pennsylvania 15222-5479
412-394-2800
(Address,
including Zip Code, and Telephone Number, including Area Code, of Registrants Principal Executive Offices)
Elliot S.
Davis
Senior Vice President, General Counsel,
Chief Compliance Officer and Corporate Secretary
Allegheny Technologies Incorporated
1000 Six PPG Place
Pittsburgh, Pennsylvania 15222-5479
412-394-2800
(Name,
Address, including Zip Code, and Telephone Number, including Area Code, of Agent for Service)
Copies to:
Ronald D. West
Jeffrey W. Acre
K&L
Gates LLP
K&L Gates Center
210 Sixth Avenue
Pittsburgh, Pennsylvania 15222-2613
412-355-6500
412-355-6501 (facsimile)
Approximate date of
commencement of proposed sale to the public: From time to time after the effective date of this Registration Statement as determined by the Registrant.
If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following
box. ¨
If any of the securities being registered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following
box. x
If this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. ¨
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨
If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing
with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. x
If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or
additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
|
|
|
|
|
|
|
Large accelerated filer |
|
x |
|
Accelerated filer |
|
¨ |
|
|
|
|
Non-accelerated filer |
|
¨ (Do not check if a smaller reporting company) |
|
Smaller reporting company |
|
¨ |
CALCULATION OF REGISTRATION FEE
|
|
|
|
|
|
|
|
|
|
Title of Each Class of
Securities to be Registered |
|
Amount
to be
Registered(1) |
|
Proposed
Maximum
Offering Price Per
Unit(1) |
|
Proposed
Maximum Aggregate
Offering Price(1) |
|
Amount of Registration Fee(1) |
Debt Securities |
|
|
|
|
|
|
|
|
Preferred Stock, $0.10 par value |
|
|
|
|
|
|
|
|
Common Stock, $0.10 par value |
|
|
|
|
|
|
|
|
Warrants |
|
|
|
|
|
|
|
|
Purchase Contracts(2) |
|
|
|
|
|
|
|
|
Purchase Units(3) |
|
|
|
|
|
|
|
|
Depositary Shares(4) |
|
|
|
|
|
|
|
|
|
|
(1) |
An indeterminate aggregate initial offering price or amount of the securities of each identified class is being registered as may from time to time be offered at indeterminate prices. Separate consideration may or may
not be received for securities that are issuable upon exercise, conversion or exchange of other securities or that are issued in units or represented by depositary shares. In accordance with Rules 456(b) and 457(r), the registrant is deferring
payment of all of the registration fee. |
(2) |
Each purchase contract will represent obligations to purchase from the registrant, or to sell to the registrant, common stock, preferred stock, debt securities, depositary shares or warrants of the registrant, or debt
securities of third parties (including U.S. Treasury securities), an index or indices thereof or any combination thereof. |
(3) |
Each purchase unit will be issued under a unit agreement or indenture and will consist of purchase contracts together with common stock, preferred stock, debt securities, depositary shares or warrants of the registrant,
or debt securities of third parties (including U.S. Treasury securities), securing the holders obligations to purchase the securities under the purchase contracts, or any of these securities in any combination. |
(4) |
Each depositary share will be issued under a deposit agreement, will represent an interest in a fractional share or multiple shares of preferred stock and will be evidenced by a depositary receipt. |
PROSPECTUS
Allegheny Technologies Incorporated
Debt Securities
Preferred Stock
Common
Stock
Warrants
Purchase Contracts
Purchase Units
Depositary Shares
We may, from
time to time, offer to sell, in one or more series, senior or subordinated debt securities, preferred stock, common stock, warrants, purchase contracts, purchase units or depositary shares, or any combination of these securities. The debt
securities, preferred stock, warrants and purchase contracts may be convertible into or exercisable or exchangeable for our common or preferred stock or other securities or debt or equity securities of one or more other entities.
Our common stock is listed on the New York Stock Exchange and trades under the ticker symbol ATI. If we decide to seek a listing
of any securities offered by this prospectus, we will disclose the exchange or market on which the securities will be listed or where we have made an application for listing in one or more supplements to this prospectus.
This prospectus describes some of the general terms that may apply to these securities. The specific terms of any securities to be offered,
and the specific manner in which they may be offered, will be described in one or more supplements to this prospectus. This prospectus may not be used to sell securities unless it is accompanied by a prospectus supplement that contains a description
of those securities.
We may offer and sell these securities to or through one or more underwriters, dealers or agents, or directly to
other purchasers, on a continuous or delayed basis. If any offering involves underwriters, dealers or agents, arrangements with them will be described in a prospectus supplement relating to that offering.
We urge you to carefully read the information included or incorporated by reference in this prospectus and any prospectus supplement for a
discussion of factors you should consider before deciding to invest in any securities offered by this prospectus, including the information under Risk Factors on page 2 of this prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
The date of this
Prospectus is May 15, 2015.
TABLE OF CONTENTS
ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we have filed with the Securities and Exchange Commission (the SEC),
using an automatic shelf registration process. By using a shelf registration statement, we may sell, from time to time, in one or more offerings, any combination of the securities described in this prospectus. This prospectus does not contain all of
the information in that registration statement. For further information about our business and the securities that may be offered under this prospectus, you should refer to the registration statement and its exhibits. The exhibits to the
registration statement contain the full text of certain contracts and other important documents that we have summarized in this prospectus. Since the summaries in this prospectus may not contain all the information that you may find important in
deciding whether to purchase the securities we may offer, you should review the full text of these contracts and documents. These summaries are qualified in all respects by reference to all of the provisions contained in the applicable contract or
document. The registration statement and its exhibits can be obtained from the SEC as indicated under the heading Where You Can Find More Information.
This prospectus only provides you with a general description of the securities we may offer. Each time we sell securities, we will provide a
prospectus supplement that contains specific information about the terms of those securities. The prospectus supplement may also add, update or change information contained in this prospectus. You should read this prospectus and any applicable
prospectus supplement together with the additional information described below under the heading Where You Can Find More Information.
You should rely only on the information contained or incorporated by reference in this prospectus and any applicable prospectus supplement.
We have not authorized anyone to provide you with different information. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information in this prospectus,
any prospectus supplement or any document incorporated herein by reference is accurate as of any date other than the date of the applicable document. Our business, financial condition, results of operations and prospects may have changed since that
date.
i
WHERE YOU CAN FIND MORE INFORMATION
Available Information
We file reports,
proxy statements and other information with the SEC. These reports, proxy statements and other information that we file with the SEC can be read and copied at the SECs Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please
call the SEC at 1-800-SEC-0330 to obtain further information on the operation of the Public Reference Room. The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file
electronically with the SEC, including us. The SECs internet address is http://www.sec.gov. In addition, our common stock is listed on the New York Stock Exchange, and our reports and other information can be inspected at the offices of the
New York Stock Exchange, 20 Broad Street, New York, New York 10005. Our Internet website is www.atimetals.com. Information contained on our website is not part of, and should not be construed as being incorporated by reference into, this prospectus.
Incorporation by Reference
The SEC
allows us to incorporate by reference information that we file with it. This means that we can disclose important information to you by referring you to other documents. Any information we incorporate in this manner is considered part of
this prospectus except to the extent updated and superseded by information contained in this prospectus. Some information that we file with the SEC after the date of this prospectus and until we sell all of the securities covered by this prospectus
will automatically update and supersede the information contained in this prospectus.
We incorporate by reference the following documents
that we have filed with the SEC and any filings that we make with the SEC in the future under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act), until we sell all of the securities
covered by this prospectus, including between the date of this prospectus and the date on which the offering of the securities under this prospectus is terminated, except as noted in the paragraph below:
|
|
|
Our SEC Filings (File No. 1-12001) |
|
Period for or Date of Filing |
Annual Report on Form 10-K |
|
Year Ended December 31, 2014 |
Quarterly Report on Form 10-Q |
|
Quarter Ended March 31, 2015 |
Current Reports on Form 8-K |
|
March 3 and May 7, 2015 |
Registration Statement on Form 8-A |
|
July 30, 1996 |
Pursuant to General Instruction B of Form 8-K, any information submitted under Item 2.02, Results of
Operations and Financial Condition, or Item 7.01, Regulation FD Disclosure, of Form 8-K is not deemed to be filed for the purpose of Section 18 of the Exchange Act, and we are not subject to the liabilities of Section 18
with respect to information submitted under Item 2.02 or Item 7.01 of Form 8-K. We are not incorporating by reference any information submitted under Item 2.02 or Item 7.01 of Form 8-K into any filing under the Securities Act of
1933, as amended (the Securities Act), or the Exchange Act or into this prospectus.
Statements contained in prospectus as to
the contents of any contract, agreement or other document referred to in this prospectus do not purport to be complete, and where reference is made to the particular provisions of that contract, agreement or other document, those references are
qualified in all respects by reference to all of the provisions contained in that contract or other document. For a more complete understanding and description of each such contract, agreement or other document, we urge you to read the documents
filed as exhibits to the registration statement of which the accompanying prospectus is a part.
Any statement contained in a document
incorporated by reference, or deemed to be incorporated by reference, into this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained herein, therein or in any other
subsequently filed document which also is
ii
incorporated by reference in this prospectus modifies or supersedes that statement. Any such statement so modified or superseded will not be deemed, except as so modified or superseded, to
constitute a part of this prospectus.
We will provide without charge, upon written or oral request, a copy of any or all of the documents
that are incorporated by reference into this prospectus and a copy of any or all other contracts, agreements or documents which are referred to in this prospectus. Requests should be directed to: Allegheny Technologies Incorporated, 1000 Six PPG
Place, Pittsburgh, PA 15222-5479, Attention: Corporate Secretary; telephone number: (412) 394-2800. You also may review a copy of the registration statement and its exhibits at the SECs Public Reference Room in Washington, D.C., as well
as through the SECs internet site.
iii
SUMMARY
This summary highlights selected information contained elsewhere in this prospectus and the documents incorporated by reference in this
prospectus. Because the following is only a summary, it does not contain all of the information that may be important to you. You should carefully read this prospectus, any accompanying prospectus supplement and the documents incorporated by
reference in this prospectus and any accompanying prospectus supplement before deciding whether to invest in any of our securities. References to the Company, we, our and us and similar terms means
Allegheny Technologies Incorporated and its subsidiaries, unless the context otherwise requires.
Allegheny Technologies
Incorporated
We are one of the largest and most diversified specialty materials and components producers in the world. Our high-value
products include titanium and titanium alloys, nickel-based alloys and specialty steels, precision forgings, castings and machined components, zirconium and related alloys, precision and engineered stainless steel strip, and grain-oriented
electrical steel. Our standard products include specialty stainless sheet, stainless steel sheet, and stainless steel plate. Our specialty materials are produced in a wide range of alloys and product forms and are selected for use in applications
that demand materials having exceptional hardness, toughness, strength, resistance to heat, corrosion or abrasion, or a combination of these characteristics. We are a fully integrated supplier from raw material (for titanium sponge) and melt (for
other specialty alloy systems) through highly engineered finished components. Our common stock is quoted on the New York Stock Exchange under the symbol ATI.
Our principal executive offices are located at 1000 Six PPG Place, Pittsburgh, PA 15222, and our telephone number is (412) 394-2800.
1
RISK FACTORS
Investing in our securities involves risks. Before deciding to purchase any of our securities, you should carefully consider the discussion of
risks and uncertainties under the heading Risk Factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, which is incorporated by reference in this prospectus, and under similar headings in our
subsequently filed quarterly reports on Form 10-Q and annual reports on Form 10-K, as well as the other risks and uncertainties described in any applicable prospectus supplement and in the other documents incorporated by reference in this
prospectus. See the information under the heading Where You Can Find More Information for information on how to obtain copies of documents incorporated by reference in this prospectus. The risks and uncertainties we discuss in the
documents incorporated by reference in this prospectus are those we currently believe may materially affect our company. Additional risks and uncertainties not presently known to us or that we currently believe are immaterial also may materially and
adversely affect our business, financial condition and results of operations.
FORWARD-LOOKING STATEMENTS
You should carefully review the information contained in or incorporated by reference into this prospectus. In this prospectus,
statements that are not reported financial results or other historical information are forward-looking statements. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future
performance. They are based on our managements expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking
statements.
You can identify these forward-looking statements by the fact that they do not relate strictly to historic or current facts.
They use words such as anticipates, believes, estimates, expects, would, should, will, will likely result, forecast, outlook,
projects, and similar expressions in connection with any discussion of future operating or financial performance.
We cannot
guarantee that any forward-looking statements will be realized, although we believe that we have been prudent in our plans and assumptions. Achievement of future results is subject to risks, uncertainties and assumptions that may prove to be
inaccurate. Among others, the factors discussed in the Risk Factors section of our Annual Report on Form 10-K for our fiscal year ended December 31, 2014 and any of our subsequently filed Quarterly Reports on Form 10-Q could cause
actual results to differ from those in forward-looking statements included in or incorporated by reference into this prospectus or that we otherwise make. Should known or unknown risks or uncertainties materialize, or should underlying assumptions
prove to be inaccurate, actual results could vary materially from those anticipated, estimated or projected. You should bear this in mind as you consider any forward-looking statements.
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise,
except as may be required by law. You are advised, however, to consider any additional disclosures that we may make on related subjects in future filings with the SEC. You should understand that it is not possible to predict or identify all factors
that could cause our actual results to differ. Consequently, you should not consider any list of factors to be a complete set of all potential risks or uncertainties.
2
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES
The following table sets forth the ratio of our earnings to fixed charges for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
Three Months Ended March 31, 2015 |
|
|
|
2010 |
|
|
2011 |
|
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
Ratio of earnings to fixed charges |
|
|
2.2x |
|
|
|
3.6x |
|
|
|
2.8x |
|
|
|
|
(1) |
|
|
|
(1) |
|
|
1.6x |
|
(1) |
For the year ended December 31, 2013 and 2014, fixed charges exceeded earnings by $192.8 million and $7.1 million, respectively. |
For purposes of calculating the ratio of earnings to fixed charges, earnings represents income (loss) from continuing operations
before income tax provision and cumulative effect of change in accounting principle, plus (income) loss recognized on less than fifty percent owned persons, plus fixed charges, less capitalized interest, less noncontrolling interest in the income of
subsidiaries with fixed charges. Fixed charges consists of interest expense, the portion of rents deemed to be interest, capitalized interest and amortization of debt expense.
USE OF PROCEEDS
We intend to use the net proceeds from the sale of the securities for general corporate purposes unless otherwise indicated in the applicable
prospectus supplement relating to a specific issuance of securities. Our general corporate purposes include, but are not limited to, repayment, redemption or refinancing of debt, capital expenditures, investments in or loans to subsidiaries and
joint ventures, funding of possible acquisitions, working capital, contributions to one or more of our pension plans, satisfaction of other obligations and repurchase of our outstanding equity securities. Pending any such use, the net proceeds from
the sale of the securities may be invested in short-term, investment grade, interest-bearing instruments. We will include a more detailed description of the use of proceeds of any specific offering under this prospectus in the applicable prospectus
supplement relating to that offering.
3
DESCRIPTION OF DEBT SECURITIES
The following is a general description of the debt securities that we may offer from time to time under this prospectus. The particular terms
of the debt securities offered under this prospectus and the extent, if any, to which the general provisions described below may apply will be described in the applicable prospectus supplement. Although our securities include securities denominated
in U.S. dollars, we may choose to issue securities in any other currency, including the euro.
The debt securities will be either senior
debt securities or subordinated debt securities. We will issue the senior debt securities under an indenture, dated June 1, 2009, between Allegheny Technologies Incorporated and The Bank of New York Mellon, as trustee (the Senior
Indenture). The Senior Indenture is an exhibit to the registration statement of which this prospectus is a part. We will issue the subordinated debt securities under a subordinated indenture between us and The Bank of New York Mellon, as
trustee (the Subordinated Indenture), a form of which is as an exhibit to the registration statement of which this prospectus is a part. The Senior Indenture and the Subordinated Indenture sometimes are collectively referred to in this
prospectus as the indentures, and The Bank of New York Mellon, as trustee under the Senior Indenture or the Subordinated Indenture, as the case may be, sometimes is referred to in this prospectus as the trustee.
The following description is only a summary of the material provisions of the indentures. We urge you to read the appropriate indenture, along
with any applicable supplement to the appropriate indenture, because they, and not this description, define your rights as holders of the applicable debt securities. See the information under the heading Where You Can Find More
Information for information on how to obtain a copy of the appropriate indenture and any applicable supplement to that indenture. The following description also is subject to and qualified by reference to the description of the particular
terms of the debt securities, the relevant indenture and any applicable supplement to that indenture, as described in the applicable prospectus supplement, including definitions used in the relevant indenture and any applicable supplement to that
indenture. The particular terms of the debt securities that we may offer under this prospectus, the relevant indenture and any applicable supplement to that indenture may vary from the terms described below.
General
The senior debt securities will
be unsubordinated obligations, will rank equally with all other unsubordinated debt obligations of ours and, unless otherwise indicated in the applicable prospectus supplement, will be unsecured. The subordinated debt securities will be subordinate
in right of payment to any senior debt securities. A description of certain additional terms of the subordinated debt securities is provided below under Subordinated Debt Securities. The specific terms of any subordinated debt
securities will be provided in the applicable prospectus supplement. For a complete understanding of the provisions pertaining to the subordinated debt securities, you should refer to the form of the Subordinated Indenture which is an exhibit to the
registration statement of which this prospectus is a part. Unless we elect or are required to secure the debt securities, the debt securities will be effectively subordinated to any of our existing and future secured debt to the extent of the assets
securing that debt.
Our primary sources of funding for our payment obligations under the debt securities will be revenues from our
operations and investments and cash distributions from our subsidiaries. Our subsidiaries are separate and distinct legal entities and have no obligation whatsoever to pay any amounts due on debt securities issued by us or to make funds available to
us. Our subsidiaries ability to pay dividends or make other payments or advances to us will depend upon their operating results and will be subject to applicable laws and contractual restrictions. The Senior Indenture does not, and the
Subordinated Indenture will not, restrict our subsidiaries from entering into agreements that prohibit or limit their ability to pay dividends or make other payments or advances to us.
To the extent that we must rely on cash from our subsidiaries to pay amounts due on the debt securities, the debt securities will be
effectively subordinated to all of our subsidiaries liabilities, including their trade payables. This means that our subsidiaries may be required to pay all of their creditors in full before their assets
4
are available to us. Even if we are recognized as a creditor of our subsidiaries, our claims would be effectively subordinated to any security interests in their assets and also could be
subordinated to some or all other claims on their assets and earnings.
In addition to the debt securities that we may offer pursuant to
this prospectus, we may issue other debt securities in public or private offerings from time to time. These other debt securities may be issued under other indentures or documentation that are not described in this prospectus, and those debt
securities may contain provisions materially different from the provisions applicable to one or more issues of debt securities offered pursuant to this prospectus.
Terms
The Senior Indenture does not, and
the Subordinated Indenture will not, limit the principal amount of debt, including unsecured debt, or other securities that we or our subsidiaries may issue.
We may issue notes or bonds in traditional paper form, or we may issue a global security. The debt securities of any series may be issued in
definitive form or, if provided in the applicable prospectus supplement, may be represented in whole or in part by a global security or securities, registered in the name of a depositary designated by us. Each debt security represented by a global
security is referred to in this prospectus as a book-entry security.
Debt securities may be issued from time to time pursuant
to this prospectus and will be offered on terms determined by market conditions at the time of sale. Debt securities may be issued in one or more series with the same or various maturities and may be sold at par, a premium or an original issue
discount. Debt securities sold at an original issue discount may bear no interest or interest at a rate that is below market rates. Unless otherwise provided in the applicable prospectus supplement, debt securities denominated in U.S. dollars will
be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
Please refer to the applicable prospectus
supplement for the specific terms of the debt securities offered, including the following:
|
|
|
Designation of an aggregate principal amount, purchase price and denomination; |
|
|
|
If other than U.S. currency, the currency in which the debt securities may be purchased and the currency in which principal, premium, if any, and interest will be paid; |
|
|
|
The interest rate or rates and the method of calculating interest (unless we specify a different method, interest will be calculated based on a 360-day year consisting of 12 30-day months); |
|
|
|
The date or dates from which the interest will accrue, the payment dates on which any premium and interest will be payable or the manner of determination of the payment dates and the record dates for the determination
of holders to whom interest is payable; |
|
|
|
The place or places where principal, premium, if any, and interest will be payable; |
|
|
|
Any redemption or sinking fund provisions or other repayment or repurchase obligations; |
|
|
|
Any index used to determine the amount of principal, premium, if any, and interest to be paid with respect to the debt securities; |
|
|
|
The application, if any, of defeasance provisions to the debt securities; |
|
|
|
If other than the entire principal amount, the portion of the debt securities that would be payable upon acceleration of the maturity thereof; |
|
|
|
Whether the debt securities will be issued in whole or in part in the form of one or more global securities and, in such case, the depositary for the global securities; |
5
|
|
|
Whether the debt securities may be converted into or exercised or exchanged for our common stock, preferred stock, warrants, other securities, purchase contracts or purchase units and the terms of such conversion,
exercise or exchange, if any; |
|
|
|
Any covenants applicable to the debt securities; |
|
|
|
Any events of default applicable to the debt securities; |
|
|
|
Any changes to the events of default described in this prospectus; |
|
|
|
The terms of subordination, if applicable; |
|
|
|
The terms of conversion, if applicable; and |
|
|
|
Any other specific material terms, including any additions to the terms described in this prospectus and any terms that may be required by or advisable under applicable law. |
Except with respect to book-entry securities, debt securities may be presented for exchange or registration of transfer, in the manner, at the
places and subject to the restrictions set forth in the debt securities and the applicable prospectus supplement. Such services will be provided without charge, other than any tax or other governmental charge payable in connection therewith, but
subject to the limitations provided in the indentures.
Merger, Consolidation or Sale of Assets
Pursuant to the indentures, the Company will not, in a single transaction or through a series of related transactions, consolidate or merge
with or into any other person, or, directly or indirectly, sell or convey all or substantially all of its properties and assets to another person or group of affiliated persons, except that the Company may consolidate or merge with, or sell or
convey substantially all of its assets to another person if (i) the Company is the continuing person or the successor person (if other than the Company) is organized and existing under the laws of the United States of America, any State thereof
or the District of Columbia and such person expressly assumes all obligations of the Company under the indenture, including payment of the principal and interest on the debt securities, and the performance and observance of all of the covenants and
conditions of the indenture to be performed by the Company and (ii) there is no default under the indenture. Upon such a succession, the Company will be relieved from any further obligations under the indenture.
Events of Default
Except as otherwise
set forth in the applicable prospectus supplement, an event of default shall occur with respect to any series of debt securities when:
|
|
|
We default in paying principal or premium, if any, on any of the debt securities of such series when due; |
|
|
|
We default in paying interest on any of the debt securities of such series when due and such default continues for 30 days; |
|
|
|
We default in making deposits into any sinking fund payment with respect to any of the debt securities of such series when due and such default continues for 30 days; |
|
|
|
We fail to perform any other covenant or warranty in the debt securities of such series or in the applicable indenture, and such failure continues for a period of 90 days after notice of such failure as provided in that
indenture; |
|
|
|
Certain events of bankruptcy, insolvency or reorganization involving us occur; or |
|
|
|
Any other event of default specified in the applicable prospectus supplement occurs with respect to debt securities of that series. |
6
We will be required annually to deliver to the trustee an officers certificate stating
whether or not the officers signing such certificate have any knowledge of any default in the performance by us of our obligations under the applicable indenture.
If an event of default shall occur and be continuing with respect to any series (other than an event of default described in the fifth bullet
point of the first paragraph above under Events of Default), the trustee or the holders of not less than 25% in principal amount of the debt securities of such series then outstanding (or, if any debt securities of that series are
original issue discount securities, the portion of the principal amount of such securities as may be specified by the terms thereof) may declare the debt securities of such series to be immediately due and payable. If an event of default described
in the fifth bullet point of the first paragraph above under Events of Default occurs with respect to any series of debt securities, the principal amount of all debt securities of that series (or, if any debt securities of that
series are original issue discount securities, the portion of the principal amount of such securities as may be specified by the terms thereof) will automatically become due and payable without any declaration by the trustee or the holders. The
trustee is required to give holders of the debt securities of any series written notice of a default with respect to such series as and to the extent provided by the Trust Indenture Act of 1939, as amended. As used in this paragraph, a
default means an event described in the first paragraph above under Events of Default without including any applicable grace period.
If at any time after the debt securities of such series have been declared due and payable, and before any judgment or decree for the moneys
due has been obtained or entered, we pay or deposit with the trustee amounts sufficient to pay all matured installments of interest upon the debt securities of such series and the principal of all debt securities of such series which shall have
become due, otherwise than by acceleration, together with interest on such principal and, to the extent legally enforceable, on such overdue installments of interest and all other amounts due under the applicable indenture shall have been paid, and
any and all defaults with respect to such series under that indenture shall have been remedied, then the holders of a majority in aggregate principal amount of the debt securities of such series then outstanding, by written notice to us and the
trustee, may rescind and annul the declaration that the debt securities of such series are due and payable.
In addition, the holders of a
majority in aggregate principal amount of the debt securities of such series may waive any past default and its consequences with respect to such series, except a default in the payment of the principal of or any premium or interest on any debt
securities of such series or a default in the performance of a covenant that cannot be modified under the applicable indenture without the consent of the holder of each affected debt security.
The trustee is under no obligation to exercise any of the rights or powers under the indentures at the request, order or direction of any of
the holders of debt securities, unless such holders shall have offered to the trustee security or indemnity satisfactory to the trustee. Subject to such provisions for the indemnification of the trustee and certain limitations contained in the
indentures, the holders of a majority in aggregate principal amount of the debt securities of each series at the time outstanding shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the
trustee, or exercising any trust or power conferred on the trustee, with respect to the debt securities of such series.
No holder of debt
securities of any series will have any right to institute any proceeding, judicial or otherwise, with respect to the applicable indenture, for the appointment of a receiver or trustee or for any other remedy under the indenture, unless:
|
|
|
The holder has previously given written notice to the trustee of a continuing event of default with respect to the debt securities of that series; and |
|
|
|
The holders of at least 25% in principal amount of the outstanding debt securities of that series have made a written request to the trustee, and offered reasonable indemnity satisfactory to the trustee, to institute
proceedings as trustee, the trustee has failed to institute the proceedings within 60 days after its receipt of such notice and the trustee has not received from the holders of a majority in principal amount of the debt securities of that series a
direction inconsistent with that request. |
7
Notwithstanding the foregoing, the holder of any debt security issued under indentures will have
an absolute and unconditional right to receive payment of the principal of and any premium and, subject to the provisions of the applicable indenture regarding the payment of default interest, interest on that debt security on the due dates
expressed in that security and to institute suit for the enforcement of payment.
Modification of the Indentures
The Senior Indenture contains, and the Subordinated Indenture will contain, provisions permitting us and the trustee to modify that indenture
or enter into or modify any supplemental indenture without the consent of the holders of the debt securities for any of the following purposes:
|
|
|
To evidence the succession of another corporation to us in accordance with Merger, Consolidation or Sale of Assets; |
|
|
|
To add to our covenants further covenants for the benefit or protection of the holders of any or all series of debt securities or to surrender any right or power conferred upon us by that indenture; |
|
|
|
To add any additional events of default with respect to all or any series of debt securities; |
|
|
|
To add to or change any of the provisions of that indenture to facilitate the issuance of debt securities in bearer form with or without coupons, or to permit or facilitate the issuance of debt securities in
uncertificated form; |
|
|
|
To add to, change or eliminate any of the provisions of that indenture in respect of one or more series of debt securities thereunder, under certain conditions designed to protect the rights of any existing holder of
those debt securities; |
|
|
|
To secure all or any series of debt securities; |
|
|
|
To establish the forms or terms of the debt securities of any series; |
|
|
|
To evidence the appointment of a successor trustee and to add to or change provisions of that indenture necessary to provide for or facilitate the administration of the trusts under that indenture by more than one
trustee; and |
|
|
|
To cure any ambiguity, to correct or supplement any provision of that indenture which may be defective or inconsistent with another provision of that indenture or to change any other provisions with respect to matters
or questions arising under that indenture, provided that any such action shall not adversely affect the interests of the holders of any series of debt securities. |
We and the trustee may otherwise modify each indenture or any supplemental indenture with the consent of the holders of not less than a
majority in aggregate principal amount of each series of debt securities affected thereby at the time outstanding, except that no such modifications shall:
|
|
|
Change the fixed maturity of any debt securities or any installment of principal, interest or premium on any debt securities, or reduce the principal amount thereof or reduce the rate of interest or premium payable upon
redemption, or reduce the amount of principal of an original issue discount debt security or any other debt security that would be due and payable upon a declaration of acceleration of the maturity thereof, or change the currency in which the debt
securities are payable or impair the right to institute suit for the enforcement of any payment after the stated maturity thereof or the redemption date, if applicable, or adversely affect any right of the holder of any debt security to require us
to repay or repurchase that security, without the consent of the holder of each debt security so affected; |
|
|
|
Reduce the percentage of debt securities of any series, the consent of the holders of which is required for any waiver or supplemental indenture, without the consent of the holders of all debt securities affected
thereby then outstanding; |
|
|
|
Modify the provisions of that indenture relating to the waiver of past defaults or the waiver or certain covenants or the provisions described above,
except to increase any percentage set forth in those |
8
|
provisions or to provide that other provisions of that indenture may not be modified without the consent of the holder of each debt security affected thereby, without the consent of the holder of
each debt security affected thereby; |
|
|
|
Change any obligation of ours to maintain an office or agency; |
|
|
|
Change any obligation of ours to pay additional amounts; |
|
|
|
Adversely affect any right of repayment or repurchase at the option of the holder; or |
|
|
|
Reduce or postpone any sinking fund or similar provision. |
With respect to any vote of holders
of a series of debt securities, we generally will be entitled to set any date as a record date for the purpose of determining the holders of outstanding debt securities that are entitled to vote or take other action under the applicable indenture.
Satisfaction and Discharge, Defeasance and Covenant Defeasance
Except as otherwise specified in the applicable prospectus supplement, each indenture shall be satisfied and discharged if (i) we shall
deliver to the trustee all debt securities then outstanding for cancellation or (ii) all debt securities not delivered to the trustee for cancellation shall have become due and payable, are to become due and payable within one year or are to be
called for redemption within one year and we shall deposit an amount sufficient to pay the principal, premium, if any, and interest to the date of maturity, redemption or deposit (in the case of debt securities that have become due and payable),
provided that in either case we shall have paid all other sums payable under that indenture.
The Senior Indenture provides, and the
Subordinated Indenture will provide, if such provision is made applicable to the debt securities of a series, that we may elect either (A) to defease and be discharged from any and all obligations with respect to any debt security of such
series, or defeasance, or (B) to be released from our obligations with respect to such debt security under certain of the covenants and events of default under that indenture together with additional covenants that may be included
for a particular series and that certain events of default shall not be events of default under that indenture with respect to such series (covenant defeasance), upon the deposit with the trustee (or other qualifying trustee), in trust
for such purpose, of money or certain U.S. government obligations which through the payment of principal and interest in accordance with their terms will provide money, in an amount sufficient to pay the principal of (and premium, if any) and
interest on such debt security, on the scheduled due dates.
In the case of defeasance or covenant defeasance, the holders of such debt
securities will be entitled to receive payments in respect of such debt securities solely from such trust. Such a trust may only be established if, among other things, we have delivered to the trustee an opinion of counsel (as specified in the
indentures) to the effect that the holders of the debt securities affected thereby will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance or covenant defeasance and will be subject to Federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance or covenant defeasance had not occurred. Such opinion of counsel, in the case of defeasance under clause (A) above, must refer to
and be based upon a ruling of the Internal Revenue Service or a change in applicable Federal income tax law occurring after the date of the applicable indenture.
Record Dates
The Senior Indenture
provides, and the Subordinated Indenture will provide, that in certain circumstances we may establish a record date for determining the holders of outstanding debt securities of a series entitled to join in the giving of notice or the taking of
other action under the applicable indenture by the holders of the debt securities of such series.
9
Subordinated Debt Securities
Subordinated debt securities will be subordinate, in right of payment, to all senior debt. Senior debt means, with respect to us, the
principal, premium, if any, interest, fees, charges, expenses, reimbursement obligations, guarantees and other amounts owing on the following:
|
|
|
All indebtedness of ours, whether outstanding on the date of issuance or thereafter created, incurred or assumed, which is for money borrowed, or evidenced by a note or similar instrument given in connection with the
acquisition of any business, properties or assets, including securities; |
|
|
|
Any indebtedness of others of the kinds described in the preceding clause for the payment of which we are responsible or liable (directly or indirectly, contingently or otherwise) as guarantor or otherwise; and
|
|
|
|
Amendments, renewals, extensions and refundings of any indebtedness described above, unless in any instrument or instruments evidencing or securing such indebtedness or pursuant to which the same is outstanding, or in
any such amendment, renewal, extension or refunding, it provides that such indebtedness is not senior or prior in right of payment to the subordinated debt securities. |
Upon any distribution of our assets upon our dissolution, winding up, liquidation or reorganization, the payment of the principal, premium, if
any, and interest, if any, on the subordinated debt securities will be subordinated, to the extent provided in the Subordinated Indenture, in right of payment to the prior payment in full of all of our senior debt. Our obligation to make payment of
the principal, premium, if any, and interest, if any, on the subordinated debt securities will not otherwise be affected. In addition, no payment on account of principal and premium, if any, sinking fund or interest, if any, may be made on the
subordinated debt securities at any time unless full payment of all amounts due in respect of the principal and premium, if any, sinking fund and interest, if any, on our senior debt has been made or duly provided for in money or moneys worth.
Notwithstanding the foregoing, unless all of our senior debt has been paid in full, in the event that any payment or distribution made by
us is received by the trustee or the holders of any of the subordinated debt securities, such payment or distribution must be paid over to the holders of our senior debt or a person acting on their behalf, to be applied toward the payment of all of
our senior debt remaining unpaid until all the senior debt has been paid in full. Subject to the payment in full of all of our senior debt, the rights of the holders of our subordinated debt securities will be subrogated to the rights of the holders
of our senior debt.
By reason of this subordination, in the event of a distribution of our assets upon our insolvency, certain of our
general creditors may recover more, ratably, than holders of our subordinated debt securities.
Governing Law
The laws of the State of New York governs the Senior Indenture, will govern the Subordinated Indenture and will govern the debt securities
issued under the indentures.
Street Name and Other Indirect Holders
Investors who hold securities in accounts at banks or brokers generally will not be recognized by us as legal holders of debt securities. This
is called holding in street name. Instead, we would recognize only the bank or broker, or the financial institution that the bank or broker uses to hold its securities. These intermediary banks, brokers and other financial institutions
pass along principal, interest and other payments on the debt securities, either because they agree to do so in their customer agreements or because they are legally required to do so. If you hold debt securities in street name, you
should check with your own institution to find out, among other things:
|
|
|
How it handles payments and notices; |
|
|
|
Whether it imposes fees or charges; |
10
|
|
|
How it would handle voting if applicable; |
|
|
|
Whether and how you can instruct it to send you debt securities registered in your own name so you can be a direct holder as described below; and |
|
|
|
If applicable, how it would pursue rights under your debt securities if there were a default or other event triggering the need for holders to act to protect their interests. |
Our obligations, as well as the obligations of the trustee under the indentures and those of any third parties employed by us or the trustee
under either of the indentures, run only to persons who are registered as holders of debt securities issued under the applicable indenture. As noted above, we do not have obligations to you if you hold in street name or other indirect
means, either because you choose to hold debt securities in that manner or because the debt securities are issued in the form of global securities as described below. For example, once we make payment to the registered holder, we have no further
responsibility for the payment even if that holder is legally required to pass the payment along to you as a street name customer but does not do so.
Book-Entry Securities
The following
description of book-entry securities will apply to any series of debt securities issued in whole or in part in the form of one or more global securities except as otherwise described in the applicable prospectus supplement.
Book-entry securities of like tenor and having the same date will be represented by one or more global securities deposited with and
registered in the name of a depositary that is a clearing agent registered under the Exchange Act. Beneficial interests in book-entry securities will be limited to institutions that have accounts with the depositary, or participants, or
persons that may hold interests through participants.
Ownership of beneficial interests by participants will only be evidenced by, and
the transfer of that ownership interest will only be effected through, records maintained by the depositary. Ownership of beneficial interests by persons that hold through participants will only be evidenced by, and the transfer of that ownership
interest within such participant will only be effected through, records maintained by the participants. The laws of some jurisdictions require that certain purchasers of securities take physical delivery of such securities in definitive form. Such
laws may impair the ability to transfer beneficial interests in a global security.
Payment of principal of and any premium and interest
on book-entry securities represented by a global security registered in the name of or held by a depositary will be made to the depositary, as the registered owner of the global security. Neither we, the trustee nor any agent of ours or the trustee
will have any responsibility or liability for any aspect of the depositarys records or any participants records relating to or payments made on account of beneficial ownership interests in a global security or for maintaining,
supervising or reviewing any of the depositarys records or any participants records relating to the beneficial ownership interests. Payments by participants to owners of beneficial interests in a global security held through such
participants will be governed by the depositarys procedures, as is now the case with securities held for the accounts of customers registered in street name, and will be the sole responsibility of such participants.
A global security representing a book-entry security will be exchangeable for definitive debt securities in registered form, of like tenor and
of an equal aggregate principal amount registered in the name of, or is transferable in whole or in part to, a person other than the depositary for that global security, only if:
|
|
|
The depositary notifies us that it is unwilling or unable to continue as depositary for that global security and we do not appoint a successor depositary within 90 days after receiving that notice; |
|
|
|
At any time the depositary ceases to be a clearing agency registered under the Exchange Act and we do not appoint a successor depositary within 90 days after becoming aware that the depositary has ceased to be
registered as a clearing agency; |
11
|
|
|
We in our sole discretion determine that that the global security is so transferable or will be exchangeable for definitive securities in registered form and, in each case, notify the trustee of our decision;
|
|
|
|
An event of default with respect to the debt securities of that series has occurred and is continuing; or |
|
|
|
Other circumstances exist that have been specified in the terms of the debt securities of that series. |
Any
global security that is exchangeable pursuant to the preceding sentence shall be registered in the name or names of such person or persons as the depositary shall instruct the trustee. It is expected that such instructions may be based upon
directions received by the depositary from its participants with respect to ownership of beneficial interests in such global security.
Except as provided above, owners of beneficial interests in a global security will not be entitled to receive physical delivery of debt
securities in definitive form and will not be considered the holders thereof for any purpose under the indentures, and no global security shall be exchangeable, except for a security registered in the name of the depositary. This means each person
owning a beneficial interest in such global security must rely on the procedures of the depositary and, if such person is not a participant, on the procedures of the participant through which such person owns its interest, to exercise any rights of
a holder under the indentures. We understand that under existing industry practices, if we request any action of holders or an owner of a beneficial interest in such global security desires to give or take any action that a holder is entitled to
give or take under the indentures, the depositary would authorize the participants holding the relevant beneficial interests to give or take such action, and such participants would authorize beneficial owners owning through such participant to give
or take such action or would otherwise act upon the instructions of beneficial owners owning through them.
DESCRIPTION OF OTHER SECURITIES
We will set forth in the applicable prospectus supplement a description of any warrants, purchase contracts, purchase units or depositary
shares that may be offered pursuant to this prospectus.
12
DESCRIPTION OF CAPITAL STOCK
Common Stock
We may issue, either
separately or together with other securities, including as a part of purchase units, shares of our common stock. Shares of common stock issued as part of purchase units may be attached to or separate from any other securities part of those purchase
units. Under our Restated Certificate of Incorporation, we are authorized to issue up to 500,000,000 shares of our common stock. As of May 1, 2015, we had 109,215,499 shares of common stock issued and outstanding and had reserved approximately
5.6 million additional shares of common stock for issuance under our stock compensation plans.
A prospectus supplement relating to
an offering of common stock or other securities convertible or exchangeable for, or exercisable into, common stock, or the settlement of which may result in the issuance of common stock, will describe the relevant terms of the offering, including
the number of shares offered, any initial offering price and market price and dividend information, as well as, if applicable, information on other related securities.
The following summary is not complete and is not intended to give full effect to provisions of statutory or common law. You should refer to
the applicable provisions of the following:
|
|
|
The Delaware General Corporation Law, as it may be amended from time to time; |
|
|
|
Our Restated Certificate of Incorporation, as it may be amended or further restated from time to time; and |
|
|
|
Our Amended and Restated Bylaws, as they may be further amended or restated from time to time. |
Dividends. The holders of our common stock are entitled to receive dividends when, as and if declared by our board of directors, out of
funds legally available for their payment subject to the rights of holders of our preferred stock.
Voting Rights. The holders of
our common stock are entitled to one vote per share on all matters submitted to a vote of stockholders.
Rights upon Liquidation.
In the event of our voluntary or involuntary liquidation, dissolution or winding up, the holders of common stock will be entitled to share equally in any of our assets available for distribution after the payment in full of all debts and
distributions and after the holders of all series of our outstanding preferred stock have received their liquidation preferences in full.
Miscellaneous. The outstanding shares of common stock are fully paid and nonassessable. The holders of common stock are not entitled to
preemptive or redemption rights. Shares of common stock are not convertible into shares of any other class of capital stock. Computershare Investor Services is the transfer agent and registrar for the common stock.
Preferred Stock
We may elect to issue
shares of our preferred stock from time to time, as described in the applicable prospectus supplement. We may issue shares of preferred stock separately or as a part of purchase units, and any such shares issued as part of purchase units may be
attached to or separate from any other securities part of those purchase units. Shares of our preferred stock may have dividend, redemption, voting and liquidation rights taking priority over our common stock, and shares of our preferred stock may
be convertible into our common stock.
Our Board of Directors is authorized, subject to any limitations prescribed by law, to provide for
the issuance of shares of preferred stock in one or more series. In addition, our Board of Directors is authorized to establish from time to time the number of shares to be included in each series of preferred stock and to fix the
13
designation, powers (including but not limited to voting powers, if any), preferences and rights of the shares of each series of preferred stock and any qualifications, limitations or
restrictions of each series of preferred stock. The number of authorized shares of preferred stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of
the outstanding common stock, without a vote of the holders of the preferred stock, or of any series of preferred stock, unless a vote of any such holders is required pursuant to the terms of any preferred stock.
Our Restated Certificate of Incorporation authorizes our Board of Directors without further stockholder action, to provide for the issuance of
up to 50,000,000 shares of preferred stock, in one or more series. As of the date of this prospectus, no shares of preferred stock have been issued, and 50,000,000 shares of preferred stock are available for issuance. We have 6,000,000 shares of
preferred stock designated as Series A Junior Participating Preferred Stock in connection with our prior rights agreement, leaving 44,000,000 shares of preferred stock remaining available for designation as of the date of this prospectus.
The particular terms of any series of preferred stock being offered by us under this prospectus will be described in the prospectus supplement
relating to that series of preferred stock. Those terms may include:
|
|
|
The title and liquidation preference per share of the preferred stock; |
|
|
|
The number of shares offered; |
|
|
|
The purchase price of the preferred stock; |
|
|
|
The dividend rate (or method of calculation), the dates on which dividends will be paid and the date from which dividends will begin to accumulate; |
|
|
|
Any redemption or sinking fund provisions of the preferred stock; |
|
|
|
Any conversion provisions of the preferred stock; |
|
|
|
The voting rights, if any, of the preferred stock; and |
|
|
|
Any additional dividend, liquidation, redemption, sinking fund and other rights, preferences, privileges, limitations and restrictions of the preferred stock. |
If the terms of any series of preferred stock being offered differ from the terms set forth in this prospectus, the definitive terms will be
disclosed in the applicable prospectus supplement. The summary in this prospectus is not complete. You should refer to the applicable Certificate of Amendment to our Restated Certificate of Incorporation or certificate of designations, as the case
may be, establishing a particular series of preferred stock, in either case which will be filed with the Secretary of State of the State of Delaware and the SEC in connection with an offering of preferred stock.
The preferred stock will, when issued, be fully paid and nonassessable.
Dividend Rights. The preferred stock will be preferred over our common stock as to payment of dividends. Before any dividends or
distributions (other than dividends or distributions payable in common stock) on our common stock will be declared and set apart for payment or paid, the holders of shares of each series of preferred stock will be entitled to receive dividends when,
as and if declared by our board of directors. We will pay those dividends either in cash, shares of common stock or preferred stock or otherwise, at the rate and on the date or dates set forth in the applicable prospectus supplement. With respect to
each series of preferred stock, the dividends on each share of the series will be cumulative from the date of issue of the share unless another date is set forth in the applicable prospectus supplement relating to the series. Accruals of dividends
will not bear interest.
Rights upon Liquidation. The preferred stock will be preferred over our common stock as to assets so that
the holders of each series of preferred stock will be entitled to be paid, upon our voluntary or involuntary liquidation, dissolution or winding up and before any distribution is made to the holders of common stock, the
14
amount set forth in the applicable prospectus supplement. However, in this case the holders of preferred stock will not be entitled to any other or further payment. If upon any liquidation,
dissolution or winding up our net assets are insufficient to permit the payment in full of the respective amounts to which the holders of all outstanding preferred stock are entitled, our entire remaining net assets will be distributed among the
holders of each series of preferred stock in amounts proportional to the full amounts to which the holders of each series are entitled.
Redemption. All shares of any series of preferred stock will be redeemable to the extent set forth in the prospectus supplement
relating to the series. All shares of any series of preferred stock will be convertible into shares of our common stock or into shares of any other series of our preferred stock to the extent set forth in the applicable prospectus supplement.
Voting Rights. Except as indicated in the applicable prospectus supplement, the holders of preferred stock will be entitled to one vote
for each share of preferred stock held by them on all matters properly presented to stockholders. The holders of common stock and the holders of all series of preferred stock will vote together as one class.
Additional Series of Preferred Stock. In the event of a proposed merger or tender offer, proxy contest or other attempt to gain control
of us and not approved by our board of directors, it would be possible for the board to authorize the issuance of one or more series of preferred stock with voting rights or other rights and preferences which would impede the success of the proposed
merger, tender offer, proxy contest or other attempt to gain control of us. This authority may be limited by applicable law, our Restated Certificate of Incorporation, as it may amended or further restated from time to time, and the applicable rules
of the stock exchanges upon which the common stock is listed. The consent of our stockholders would not be required for any such issuance of preferred stock.
Special Charter Provisions. Our Restated Certificate of Incorporation provides that:
|
|
|
Our Board of Directors is classified into three classes; |
|
|
|
In addition to the requirements of law and the other provisions of our Restated Certificate of Incorporation, the affirmative vote of at least two-thirds of the outstanding shares of our common stock is required for the
adoption or authorization of any of the following events unless the event has been approved at a meeting of our Board of Directors by the vote of more than two-thirds of the incumbent members of our Board of Directors: |
|
|
|
Any merger or consolidation of us with or into any other corporation; |
|
|
|
Any sale, lease, exchange, transfer or other disposition, but excluding a mortgage or any other security device, of all or substantially all of our assets; |
|
|
|
Any merger or consolidation of a Significant Shareholder (as defined in our Restated Certificate of Incorporation) with or into us or a direct or indirect subsidiary of ours; |
|
|
|
Any sale, lease, exchange, transfer or other disposition to us or to a direct or indirect subsidiary of ours of any of our common stock held by a Significant Shareholder or any other assets of a Significant Shareholder
which, if included with all other dispositions consummated during the same fiscal year of ours by the same Significant Shareholder, would result in dispositions of assets having an aggregate fair value in excess of five percent of our total
consolidated assets as shown on our certified balance sheet as of the end of the fiscal year preceding the proposed disposition; |
|
|
|
Any reclassification of our common stock, or any re-capitalization involving our common stock, consummated within five years after a Significant Shareholder becomes a Significant Shareholder, whereby the number of
outstanding shares of common stock is reduced or any of those shares are converted into or exchanged for cash or other securities; |
15
|
|
|
Any agreement, contract or other arrangement providing for any of these transactions but notwithstanding anything not including any merger pursuant to the Delaware General Corporation Law, as amended from time to time,
which does not require a vote of our stockholders for approval; |
|
|
|
Our stockholders may not alter, amend, supplement or repeal, or adopt any provision inconsistent with the purpose or intent of, certain provisions contained in our Restated Certificate of Incorporation other than by the
affirmative vote of 75% of the combined voting power of all of our outstanding voting securities entitled to vote generally in an election of directors, voting together as a single class; |
|
|
|
Our stockholders may not adopt, amend or repeal our Amended and Restated Bylaws other than by the affirmative vote of 75% of the combined voting power of all of our outstanding voting securities entitled to vote
generally in an election of directors, voting together as a single class; |
|
|
|
Any action required or permitted to be taken by our stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by the written consent of the stockholders; and
|
|
|
|
Special meetings of the stockholders may be called at any time by a majority of our directors, our Chairman of the Board or our Chief Executive Officer and may not be called by any other person or persons or in any
other manner. |
16
PLAN OF DISTRIBUTION
We may sell the securities in one or more of the following ways:
|
|
|
To underwriters, whether or not part of a syndicate, for public offering and sale by them; |
|
|
|
Directly to purchasers in negotiated sales or in competitively bid transactions; |
|
|
|
Through a combination of any of the above methods of sale. |
Offers to purchase securities may
be solicited directly by us or by agents designated by us from time to time. Any agent, who may be deemed to be an underwriter, as that term is defined in the Securities Act, involved in the offer and sale of the securities will be named, and any
commissions payable by us to that agent will be provided, in an applicable prospectus supplement. We and our agents may sell the securities at:
|
|
|
A fixed price or prices, which may be changed; |
|
|
|
Market prices prevailing at the time of sale; |
|
|
|
Prices related to such prevailing market prices; or |
Underwriters, dealers and agents participating in the distribution of the
securities may be deemed to be underwriters, and any discounts and commissions received by them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions under the Securities Act.
Underwriters, dealers and agents may be entitled, under agreements with us, to indemnification against and contribution toward certain civil liabilities, including liabilities under the Securities Act, and to reimbursement by us for certain
expenses. Unless otherwise described in an applicable prospectus supplement, the obligations of the underwriters to purchase offered securities will be subject to conditions, and the underwriters must purchase all of the offered securities if any
are purchased.
If an underwriter or underwriters are used in the offer or sale of securities, we will execute an underwriting agreement
with the underwriters at the time of sale of the securities to the underwriters, and the names of the underwriters and the principal terms of our agreements with the underwriters will be provided in an applicable prospectus supplement.
The securities subject to the underwriting agreement may be acquired by the underwriters for their own account and may be resold by them from
time to time in one or more transactions, including negotiated transactions, at a fixed offering price or at varying prices determined at the time of sale. Underwriters may be deemed to have received compensation from us in the form of underwriting
discounts or commissions and may also receive commissions from the purchasers of these securities for whom they may act as agent. Underwriters may sell these securities to or through dealers. These dealers may receive compensation in the form of
discounts, concessions or commissions from the underwriters and commissions from the purchasers for whom they may act as agent. Any initial offering price and any discounts or concessions allowed or re-allowed or paid to dealers may be changed from
time to time.
In connection with underwritten offerings of the securities, the underwriters may engage in over-allotment, stabilizing
transactions, covering transactions and penalty bids in accordance with Regulation M under the Exchange Act, as follows:
|
|
|
Over-allotment transactions that involve sales in excess of the offering size, which create a short position for the underwriters; |
|
|
|
Stabilizing transactions that permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum; |
17
|
|
|
Covering transactions that involve purchases of the securities in the open market after the distribution has been completed in order to cover short positions; and |
|
|
|
Penalty bids that permit the underwriters to reclaim a selling concession from a broker/dealer when the securities originally sold by that broker-dealer are repurchased in a covering transaction to cover short
positions. |
These stabilizing transactions, covering transactions and penalty bids may cause the price of the securities to
be higher than it otherwise would be in the absence of these transactions. If these transactions occur, they may be discontinued at any time.
If indicated in an applicable prospectus supplement, we will authorize dealers acting as agents for us to solicit offers by certain
institutions to purchase securities from us at the public offering price set forth in the prospectus supplement under delayed delivery contracts providing for payment and delivery on the date or dates stated in the prospectus supplement. The
identity of any such agents, the terms of such delayed delivery contracts and the commissions payable by us to these agents will be set forth in an applicable prospectus supplement.
If indicated in an applicable prospectus supplement, we may sell shares of our common stock under a newly established direct stock purchase
and dividend reinvestment plan. The terms of any such plan will be set forth in the applicable prospectus supplement.
Each underwriter,
dealer and agent participating in the distribution of any of the securities that are issuable in bearer form will agree that it will not offer, sell or deliver, directly or indirectly, securities in bearer form in the United States or to U.S.
persons, other than qualifying financial institutions, during the restricted period, as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7).
Except for shares of our common stock or as otherwise described in an applicable prospectus supplement, all of the securities will be a new
issue of securities with no established trading market. Any underwriters to whom or agents through whom the securities are sold by us for public offering and sale may make a market in the securities, but such underwriters or agents will not be
obligated to do so and may discontinue any market making at any time without notice. No assurance can be given as to the liquidity of the trading market for any such securities.
Certain of the underwriters, dealers or agents and their associates may be customers of, engage in transactions with and perform services for
us and our subsidiaries in the ordinary course of business.
18
LEGAL MATTERS
Unless otherwise indicated in the applicable prospectus supplement, the validity of the securities offered by us will be passed upon for us by
Elliot S. Davis, Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary of Allegheny Technologies Incorporated, or by K&L Gates LLP, Pittsburgh, Pennsylvania. Mr. Davis is paid a salary by Allegheny
Technologies Incorporated, is a participant in various employee benefit plans offered to its employees and beneficially owns, or has rights to acquire, an aggregate of less than one percent of the shares of our outstanding common stock.
EXPERTS
The consolidated financial statements of Allegheny Technologies Incorporated and Subsidiaries appearing in Allegheny Technologies
Incorporateds Annual Report (Form 10-K) for the year ended December 31, 2014, and the effectiveness of Allegheny Technologies Incorporated and Subsidiaries internal control over financial reporting as of December 31, 2014, have
been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their reports thereon, included therein, and incorporated herein by reference. Such consolidated financial statements are, and audited
consolidated financial statements to be included in subsequently filed documents will be, incorporated herein in reliance upon the reports of Ernst & Young LLP pertaining to such consolidated financial statements and the effectiveness of our
internal control over financial reporting as of the respective dates (to the extent covered by consents filed with the Securities and Exchange Commission) given on the authority of such firm as experts in accounting and auditing.
19
PART II
INFORMATION NOT REQUIRED IN THE PROSPECTUS
Item 14. |
Other Expenses of Issuance and Distribution |
The expenses (other
than underwriting compensation) to be incurred by the registrant in connection with the issuance and distribution of the securities being registered under this registration statement are:
|
|
|
|
|
Securities and Exchange Commission Registration Fee |
|
$ |
* |
|
Trustees Fees and Expenses |
|
|
* |
|
Accounting Fees and Expenses |
|
|
* |
|
Printing and Engraving expenses |
|
|
* |
|
Rating Agency Fees |
|
|
* |
|
Legal Fees and Expenses |
|
|
* |
|
Miscellaneous |
|
|
* |
|
|
|
|
|
|
Total |
|
$ |
* |
|
* |
Deferred in accordance with Rules 456(b) and 457(r) of the Securities Act of 1933, as amended. |
** |
Estimated expenses are not presently known. The foregoing sets forth the general categories of expenses (other than underwriting discounts and commissions) that we anticipate we will incur in connection with the
offering of securities under this registration statement. Information regarding estimated expenses of issuance and distribution of each identified class of securities being registered will be provided at the time information as to such class is
included in a prospectus supplement in accordance with Rule 430B. |
Item 15. |
Indemnification of Directors and Officers |
Section 102(b)(7)
of the Delaware General Corporation Law (the DGCL) permits a corporation, in its certificate of incorporation, to limit or eliminate, subject to certain statutory limitations, the liability of directors to the corporation or its
stockholders for monetary damages for breaches of fiduciary duty, except for liability (a) for any breach of the directors duty of loyalty to the corporation or its stockholders, (b) for acts or omissions not in good faith or which
involve intentional misconduct or a knowing violation of law, (c) under Section 174 of the DGCL or (d) for any transaction from which the director derived an improper personal benefit. Our Restated Certificate of Incorporation
provides, among other things, that the personal liability of our directors is so eliminated.
Under Section 145 of the DGCL, a
corporation has the power to indemnify directors and officers under certain prescribed circumstances and subject to certain limitations against certain costs and expenses, including attorneys fees actually and reasonably incurred in connection
with any action, suit or proceeding, whether civil, criminal, administrative or investigative, to which any of them is a party by reason of his being a director or officer of the corporation if it is determined that he acted in accordance with the
applicable standard of conduct set forth in such statutory provision. Our Amended and Restated Bylaws, as amended, provide that we will indemnify any person who may be involved, as a party or otherwise, in a claim, action, suit or proceeding (other
than any claim, action, suit or proceeding brought by or in the right of Allegheny Technologies Incorporated) by reason of the fact that such person is or was a director or officer, or is or was serving at the request of us as a director or officer
of any other corporation or entity, against certain liabilities, costs and expenses. We are also authorized to maintain insurance on behalf of any person who is or was a director or officer, or is or was serving at the request of us as a director or
officer of any other corporation or entity, against any liability asserted against such person and incurred by such person in any such capacity or arising out of his status as such, whether or not we would have the power to indemnify such person
against such liability under the DGCL. We are a party to agreements with our directors and officers pursuant to which we have agreed to indemnify them against certain costs and expenses incurred by them in their capacities as such.
II-1
See Exhibit Index attached hereto and incorporated herein
by reference.
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;
(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the
most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the Calculation of Registration Fee table in the
effective registration statement; and
(iii) to include any material information with respect to the plan of distribution
not previously disclosed in this registration statement or any material change to such information in this registration statement;
provided,
however, that paragraphs (i), (ii) and (iii) do not apply if the registration statement is on Form S-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or
furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed
pursuant to Rule 424(b) that is part of the registration statement.
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, as amended, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.
(4) That, for the purpose of determining liability under the Securities Act of
1933, as amended, to any purchaser:
(i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed
to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and
(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in
reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933, as amended, shall be deemed to be
part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As
provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration
statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
II-2
thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made
in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.
(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933, as amended, to any purchaser in the
initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the
securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such
securities to such purchaser:
(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the
offering required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus relating to the offering prepared by
or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
(iii) The portion of any
other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(6) That, for purposes of determining any liability under the Securities Act of 1933, as amended, each filing of Allegheny Technologies
Incorporateds annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended (and, where applicable, each filing of an employee benefit plans annual report pursuant to
Section 15(d) of the Securities Exchange Act of 1934, as amended), that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under
the Securities Act of 1933, as amended, may be permitted to directors, officers and controlling persons of each registrant pursuant to the provisions described in Item 15 above, or otherwise, each registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933, as amended, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by a registrant of expenses incurred or paid by a director, officer or controlling person of a registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, that registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act of 1933, as amended, and will be governed by the final adjudication of such issue.
II-3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, Allegheny Technologies Incorporated certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Pittsburgh, Commonwealth of Pennsylvania,
on the 15th day of May, 2015.
|
|
|
ALLEGHENY TECHNOLOGIES INCORPORATED |
|
|
By: |
|
/s/ Richard J. Harshman |
Name: |
|
Richard J. Harshman |
Title: |
|
Chairman, President and Chief Executive Officer |
POWER OF ATTORNEY
Each of the undersigned directors and officers of Allegheny Technologies, Incorporated, a Delaware corporation, do hereby constitute and
appoint Richard J. Harshman, Patrick J. DeCourcy and Elliot S. Davis, or any of them, the undersigneds true and lawful attorneys and agents, with full power of substitution and resubstitution in each, to do any and all acts and things in our
name and on our behalf in our respective capacities as directors and officers and to execute any and all instruments for us and in our names in the capacities indicated below, which said attorneys and agents, or either one of them, may deem
necessary or advisable to enable said corporation to comply with the Securities Act, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission, in connection with this Registration Statement, including
specifically, but without limitation, power and authority to sign for us or any of us in our names in the capacities indicated below, any and all amendments (including post-effective amendments, whether pursuant to Rule 462(b) or otherwise) hereto,
and each of the undersigned does hereby ratify and confirm all that said attorneys and agents, or either one of them or any substitute, shall do or cause to be done by virtue hereof. This Power of Attorney may be executed in any number of
counterparts.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following
persons in the capacities and on the dates indicated.
|
|
|
|
|
SIGNATURE |
|
TITLE |
|
DATE |
|
|
|
/s/ Richard J. Harshman |
|
Chairman, President and Chief Executive Officer
(Principal Executive Officer) |
|
May 15, 2015 |
Richard J. Harshman |
|
|
|
|
|
|
/s/ Patrick J. DeCourcy |
|
Senior Vice President, Finance and Chief
Financial Officer (Principal Financial Officer) |
|
May 15, 2015 |
Patrick J. DeCourcy |
|
|
|
|
|
|
/s/ Karl D. Schwartz |
|
Controller and Chief Accounting Officer
(Principal Accounting Officer) |
|
May 15, 2015 |
Karl D. Schwartz |
|
|
|
|
|
|
/s/ Carolyn Corvi |
|
Director |
|
May 15, 2015 |
Carolyn Corvi |
|
|
|
|
|
|
|
/s/ Diane C. Creel |
|
Director |
|
May 15, 2015 |
Diane C. Creel |
|
|
|
|
|
|
|
/s/ James C. Diggs |
|
Director |
|
May 15, 2015 |
James C. Diggs |
|
|
|
|
|
|
|
|
|
SIGNATURE |
|
TITLE |
|
DATE |
|
|
|
/s/ J. Brett Harvey |
|
Director |
|
May 15, 2015 |
J. Brett Harvey |
|
|
|
|
|
|
|
/s/ Barbara S. Jeremiah |
|
Director |
|
May 15, 2015 |
Barbara S. Jeremiah |
|
|
|
|
|
|
|
/s/ John R. Pipski |
|
Director |
|
May 15, 2015 |
John R. Pipski |
|
|
|
|
|
|
|
/s/ David J. Morehouse |
|
Director |
|
May 15, 2015 |
David J. Morehouse |
|
|
|
|
|
|
|
/s/ James E. Rohr |
|
Director |
|
May 15, 2015 |
James E. Rohr |
|
|
|
|
|
|
|
/s/ Louis J. Thomas |
|
Director |
|
May 15, 2015 |
Louis J. Thomas |
|
|
|
|
|
|
|
/s/ John D. Turner |
|
Director |
|
May 15, 2015 |
John D. Turner |
|
|
|
|
EXHIBIT INDEX
|
|
|
Exhibit |
|
Description |
|
|
*1.1 |
|
Form of Underwriting Agreement. |
|
|
*1.2 |
|
Form of Distribution Agreement. |
|
|
4.1 |
|
Indenture dated as of December 15, 1995 between Allegheny Ludlum Corporation and The Chase Manhattan Bank (National Association), as trustee (incorporated by reference to Exhibit 4(a) to Allegheny Ludlum Corporations Annual
Report on Form 10-K for the year ended December 31, 1995 (File No. 1-9498)), and First Supplemental Indenture by and among Allegheny Technologies Incorporated, Allegheny Ludlum Corporation and The Chase Manhattan Bank (National Association), as
Trustee, dated as of August 15, 1996 (incorporated by reference to Exhibit 4.1 to the Registrants Current Report on Form 8-K dated August 15, 1996 (File No. 1-12001)). |
|
|
4.2 |
|
Supplemental Indenture, dated as of December 22, 2011, among Allegheny Ludlum Corporation, ALC Merger, LLC, and The Bank of New York Mellon (as successor to The Chase Manhattan Bank (National Association)), as trustee (incorporated
by reference to Exhibit 4.4 to the Registrants Annual Report on Form 10-K for the year ended December 31, 2011 (File No. 1-12001)). |
|
|
4.3 |
|
Indenture, dated June 1, 2009, between Allegheny Technologies Incorporated and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit 4.1 to the Registrants Current Report on Form 8-K dated June 3, 2009
(File No. 1-12001)). |
|
|
4.4 |
|
First Supplemental Indenture, dated June 1, 2009, between Allegheny Technologies Incorporated and The Bank of New York Mellon, as Trustee, relating to Allegheny Technologies Incorporateds 9.375% Senior Notes due 2019
(incorporated by reference to Exhibit 4.2 to the Registrants Current Report on Form 8-K dated June 3, 2009 (File No. 1-12001)). |
|
|
4.5 |
|
Second Supplemental Indenture, dated June 2, 2009, between Allegheny Technologies Incorporated and The Bank of New York Mellon, as Trustee, relating to Allegheny Technologies Incorporateds 4.25% Convertible Senior Notes due
2014 (incorporated by reference to Exhibit 4.3 to the Registrants Current Report on Form 8-K dated June 3, 2009 (File No. 1-12001)). |
|
|
4.6 |
|
Form of 9.375% Senior Note due 2019 (incorporated by reference to Exhibit 4.4 to the Registrants Current Report on Form 8-K dated June 3, 2009 (File No. 1-12001)). |
|
|
4.7 |
|
Third Supplemental Indenture, dated January 7, 2011, between Allegheny Technologies Incorporated and The Bank of New York Mellon, as Trustee, relating to Allegheny Technologies Incorporateds 5.950% Senior Notes due 2021
(incorporated by reference to Exhibit 4.1 to the Registrants Current Report on Form 8-K dated January 7, 2011 (File No. 1-12001)). |
|
|
4.8 |
|
Form of 5.950% Senior Note due 2021 (incorporated by reference to Exhibit 4.2 to the Registrants Current Report on Form 8-K dated January 7, 2011 (File No. 1-12001)). |
|
|
4.9 |
|
Note Purchase Agreement, dated as of July 20, 2001, by and between Ladish Co., Inc. and the purchasers listed therein (incorporated by reference to Exhibit 10.(E) to the Annual Report on Form 10-K of Ladish Co., Inc. for the year
ended December 31, 2001 (File No. 0-23539)). |
|
|
4.10 |
|
First Amendment to Note Purchase Agreement, dated as of May 16, 2006, by and between Ladish Co., Inc. and the purchasers listed therein (incorporated by reference to Exhibit 10(b) to the Current Report on Form 8-K filed by Ladish
Co., Inc. on May 18, 2006 (File No. 0-23539)). |
|
|
4.11 |
|
Series B Terms Agreement to Note Purchase Agreement, dated as of May 16, 2006, by and between Ladish Co., Inc. and the purchasers listed therein (incorporated by reference to Exhibit 10(a) to the Current Report on Form 8-K filed by
Ladish Co., Inc. on May 18, 2006 (File No. 0-23539)). |
|
|
4.12 |
|
Second Amendment to Note Purchase Agreement, dated as of September 2, 2008, by and between Ladish Co., Inc. and the purchasers listed therein (incorporated by reference to Exhibit 99.C to the Current Report on Form 8-K filed by
Ladish Co., Inc. on September 2, 2008 (File No. 0-23539)). |
|
|
|
Exhibit |
|
Description |
|
|
4.13 |
|
Series C Terms Agreement to Note Purchase Agreement, dated as of September 2, 2008, by and between Ladish Co., Inc. and the purchasers listed therein (incorporated by reference to Exhibit 99.B to the Current Report on Form 8-K filed
by Ladish Co., Inc. on September 2, 2008 (File No. 0-23539)). |
|
|
4.14 |
|
Third Amendment to Note Purchase Agreement, dated as of December 21, 2009, by and between Ladish Co., Inc. and the purchasers listed therein (incorporated by reference to Exhibit 10(Q) to the Annual Report on Form 10-K of
Ladish Co., Inc. for the year ended December 31, 2009 (File No. 0-23539)). |
|
|
4.15 |
|
Fourth Amendment to Note Purchase Agreement, dated as of March 16, 2012, by and between ATI Ladish LLC (as successor by merger to Ladish Co., Inc.) and the purchasers listed therein (incorporated by reference to Exhibit 4.1 to the
Registrants Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 (File No. 0-23539)). |
|
|
4.16 |
|
Fourth Supplemental Indenture, dated July 12, 2013, between Allegheny Technologies Incorporated and The Bank of New York Mellon, as Trustee, relating to Allegheny Technologies Incorporateds 5.875% Senior Notes due 2023
(incorporated by reference to Exhibit 4.1 to the Registrants Current Report on Form 8-K dated July 12, 2013 (File No. 1-12001)). |
|
|
4.17 |
|
Form of 5.875% Senior Note due 2023 (incorporated by reference to Exhibit 4.2 to the Registrants Current Report on Form 8-K dated July 12, 2013 (File No. 1-12001)). |
|
|
4.18 |
|
Form of Subordinated Debt Indenture (incorporated by reference to Exhibit 4.6 to the Registrants Registration Statement on Form S-3 (File No. 333-159479)). |
|
|
4.19 |
|
Form of Senior Debt Security (included in Exhibit 4.3). |
|
|
4.20 |
|
Form of Subordinated Debt Security (included in Exhibit 4.18). |
|
|
*4.21 |
|
Form of Warrant Agreement. |
|
|
*4.22 |
|
Form of Warrant Certificate. |
|
|
*4.23 |
|
Form of Purchase Contract Agreement. |
|
|
*4.24 |
|
Form of Purchase Contract Security. |
|
|
*4.25 |
|
Form of Purchase Unit Agreement. |
|
|
*4.26 |
|
Form of Purchase Unit Certificate. |
|
|
*4.27 |
|
Form of Deposit Agreement. |
|
|
*4.28 |
|
Form of Depositary Receipt. |
|
|
4.29 |
|
Form of Certificate of Common Stock (incorporated by reference to Exhibit 6 to the Companys Registration Statement on Form 8-A filed July 30, 1996 (File No. 1-12001)). |
|
|
*4.30 |
|
Form of Certificate of Preferred Stock. |
|
|
+5.1 |
|
Opinion of K&L Gates LLP. |
|
|
12.1 |
|
Computation of Ratios of Earnings to Fixed Charges (incorporated by reference to Exhibit 12.1 to the Companys Annual Report on Form 10-K for the year ended December 31, 2014 (File No. 1-12001) and Exhibit 12.1 to the
Companys Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 (File No. 1-12001)). |
|
|
+23.1 |
|
Consent of Ernst & Young LLP. |
|
|
23.2 |
|
Consent of K&L Gates LLP (included in Exhibit 5.1). |
|
|
24.1 |
|
Powers of Attorney (included on signature page). |
|
|
+25.1 |
|
Form T-1 Statement of Eligibility of Senior Debt Indenture Trustee. |
|
|
+25.2 |
|
Form T-1 Statement of Eligibility of Subordinated Debt Indenture Trustee. |
* |
To be filed either by amendment to this Registration Statement or as an exhibit to a report filed under the Securities Exchange Act of 1934, as amended, and incorporated herein by reference. |
Exhibit 5.1
May 15, 2015
Allegheny
Technologies Incorporated
1000 Six PPG Place
Pittsburgh,
Pennsylvania 15222-5479
Re: Registration Statement on Form S-3
Ladies and Gentlemen:
We have acted as counsel
to Allegheny Technologies Incorporated, a Delaware corporation (the Company), in connection with the Registration Statement on Form S-3 to be filed by the Company with the Securities and Exchange Commission (the SEC) under
the Securities Act of 1933, as amended (the Securities Act), on the date hereof (the Registration Statement), relating to the issuance and sale, from time to time on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act, of an indeterminate amount of the following:
|
(1) |
the Companys debt securities, which may be either senior (the Senior Debt Securities) or subordinated (together with the Senior Debt Securities, the Debt Securities); |
|
(2) |
shares of the Companys common stock, $0.10 par value (the Common Stock); |
|
(3) |
shares of the Companys preferred stock, $0.10 par value (the Preferred Stock); |
|
(4) |
warrants (the Warrants); |
|
(5) |
depositary shares (the Depositary Shares); |
|
(5) |
purchase contracts (the Purchase Contracts); |
|
(7) |
units comprised of Debt Securities, shares of Common Stock, shares of Preferred Stock, Warrants, debt securities of third parties (including U.S. Treasury securities) or any combination thereof (the Units);
and |
|
(8) |
an indeterminate amount of Debt Securities, shares of Common Stock, shares of Preferred Stock, Warrants, Depositary Shares, Purchase Contracts and Units as may be issued upon settlement, exercise, conversion or exchange
of any of the foregoing securities, including such indeterminate amount of such securities as may be issued pursuant to any applicable anti-dilution adjustment (collectively, the Issuable Securities and, together with the Debt
Securities, Common Stock, Preferred Stock, Warrants, Depositary Shares, Purchase Contracts and Units, the Securities). |
Allegheny Technologies Incorporated
May 15, 2015
Page
2
In connection with rendering the opinions set forth below, we have examined (i) the
Registration Statement, including the exhibits filed therewith, and the prospectus contained therein (the Prospectus); (ii) the Companys Restated Certificate of Incorporation, as amended (the Certificate of
Incorporation); (iii) the Companys Second Amended and Restated By-Laws (the By-Laws); and (iv) resolutions adopted by the Board of Directors of the Company (the Board of Directors) which authorize and
provide for the filing of the Registration Statement.
For the purposes of this opinion letter, we have assumed that (i) each
document submitted to us is accurate and complete; (ii) each such document that is an original is authentic; (iii) each such document that is a copy conforms to an authentic original; and (iv) all signatures (other than signatures on
behalf of the Company) on each such document are genuine. We have further assumed the legal capacity of natural persons, and we have assumed that each party to the documents we have examined or relied on (other than the Company) has the legal
capacity or authority and has satisfied all legal requirements that are applicable to that party to the extent necessary to make such documents enforceable against that party. We have not verified any of the foregoing assumptions or any other
assumptions set forth in this opinion letter.
The opinions expressed in this opinion letter are limited to (i) the law of the State
of New York and (ii) the Delaware General Corporation Law (the DGCL). We are not opining on, and we assume no responsibility for, the applicability to or effect on any of the matters covered herein of (i) any other laws;
(ii) the laws of any other jurisdiction; or (iii) the law of any county, municipality or other political subdivision or local governmental agency or authority.
Based on the foregoing, and subject to the foregoing and the additional qualifications and other matters set forth below, it is our opinion
that:
1. Assuming the terms of any series of Debt Securities offered pursuant to the Registration Statement have been duly established in
accordance with each indenture pursuant to which such Debt Securities are to be issued (each an Indenture), such Debt Securities will constitute valid and binding obligations of the Company, enforceable against the Company in accordance
with their terms.
2. When one or more certificates representing the shares of the Common Stock to be offered pursuant to the Registration
Statement, each complying with all applicable requirements of the DGCL, have been duly executed, authenticated (if required), issued and delivered as contemplated by the Registration Statement and any supplement to the Prospectus relating to such
offering (a Prospectus Supplement) or a report filed by the Company with the SEC under the Securities Exchange Act of 1934, as amended, and relating to such offering (an Exchange Act Report) and in accordance with any
agreement or instrument binding upon the Company, the Common Stock will be validly issued, fully paid and nonassessable.
Allegheny Technologies Incorporated
May 15, 2015
Page
3
3. When (i) either a Certificate of Amendment to the Certificate of Incorporation or a
Certificate of Designation, in either case fixing and determining the terms of any Preferred Stock to be offered pursuant to the Registration Statement, has been duly filed with the Delaware Department of State and payment in full of any filing fees
attendant thereto has been made; and (ii) one or more certificates representing the shares of such Preferred Stock, each complying with all applicable requirements of the DGCL, have been duly executed, authenticated (if required), issued and
delivered as contemplated by the Registration Statement and any Prospectus Supplement or Exchange Act Report and in accordance with any agreement or instrument binding upon the Company, the Preferred Stock will be validly issued, fully paid and
nonassessable.
4. Assuming that the terms of any Warrants offered pursuant to the Registration Statement have been duly established in
accordance with an applicable warrant agreement (a Warrant Agreement), the Warrants will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.
5. Assuming that the terms of any Depositary Shares offered pursuant to the Registration Statement have been duly established in accordance
with an applicable deposit agreement (a Deposit Agreement), when (i) the depositary receipts evidencing the Depositary Shares (the Depositary Receipts) have been duly executed and delivered by the Company and such
depositary as shall have been duly appointed by the Company with respect thereto (the Depositary); (ii)(a) if any Debt Securities relate to such Depositary Shares, such Debt Securities are validly issued and constitute valid and binding
obligations of the Company, enforceable against the Company in accordance with their respective terms, as contemplated in numbered paragraph 1 above; and (b) if any shares of Preferred Stock relate to such Depositary Shares, such shares of
Preferred Stock have been duly authorized and are validly issued, fully paid and non-assessable as contemplated in numbered paragraph 3 above; (iii) the Debt Securities or shares of Preferred Stock, as the case may be, relating to such
Depositary Shares have been deposited with the Depositary in accordance with the applicable Deposit Agreement; and (iv) the Depositary Receipts have been duly executed, countersigned, registered and delivered, as contemplated by the
Registration Statement and any Prospectus Supplement or Exchange Act Report and in accordance with the applicable Deposit Agreement and any other agreement or instrument binding upon the Company, the Depositary Shares will constitute valid and
binding obligations of the Company, enforceable against the Company in accordance with their terms.
6. Assuming that the terms of any
Purchase Contracts offered pursuant to the Registration Statement have been duly established in accordance with an applicable purchase contract agreement (a Purchase Contract Agreement), the Purchase Contracts will constitute valid and
binding obligations of the Company enforceable against the Company in accordance with their terms.
Allegheny Technologies Incorporated
May 15, 2015
Page
4
7. Assuming that (i) the combination of the securities of which any Units offered
pursuant to the Registration Statement consist has been duly authorized and approved by all necessary action of the Board of Directors, or a duly authorized committee thereof; (ii) the terms of such Units have been duly established in
accordance with an applicable purchase unit agreement (a Unit Agreement); (iii) any Debt Securities that form a part of such Units are validly issued and constitute valid and binding obligations of the Company, enforceable against
the Company in accordance with their respective terms, as contemplated in numbered paragraph 1 above; (iv) any shares of Common Stock or Preferred Stock that form a part of such Units are validly issued, fully paid and nonassessable, as
contemplated in numbered paragraphs 2 and 3 above, respectively, as applicable; (v) any Warrants or Purchase Contracts that form a part of such Units constitute valid and binding obligations of the Company in accordance with their respective
terms, as contemplated in numbered paragraphs 4 and 6 above, respectively, as applicable; (vi) any Depositary Shares that form a part of such Units are validly issued and entitle the holders thereof to the rights specified therein and in the
applicable Deposit Agreement, as contemplated in numbered paragraph 5 above; and (vii) any debt obligations, including any U.S. Treasury securities, of third parties that form a part of such Units have been duly authorized, executed,
authenticated (if required), issued and delivered in accordance with their respective terms, the Units will be duly authorized and validly issued.
8. If, pursuant to the terms thereof, any Issuable Securities are issuable upon settlement, exercise, conversion or exchange of any other
Securities offered pursuant to the Registration Statement (the Initial Securities) or in accordance with any applicable anti-dilution adjustment, when the Issuable Securities have been issued upon settlement, exercise, conversion or
exchange, as the case may be, of Initial Securities as contemplated by the Registration Statement and any Prospectus Supplement or Exchange Act Report, in accordance with the terms of the applicable Initial Securities and the Issuable Securities,
upon such issuance, the Issuable Securities so issued will be duly authorized, validly issued, fully paid and nonassessable.
The opinions
set forth above are subject to the following additional assumptions:
(a) The Registration Statement and any amendment thereto (including
any post-effective amendment) will have become effective under the Securities Act, and such effectiveness shall not have been terminated, suspended or rescinded;
(b) All Securities offered pursuant to the Registration Statement will be issued and sold (i) in compliance with all applicable federal
and state securities laws, rules and regulations and solely in the manner provided in the Registration Statement and any Prospectus Supplement, Exchange Act Report or free writing prospectus (as defined in Rule 405 under the Securities Act) and
(ii) only upon payment of the consideration fixed therefor in accordance with any applicable definitive underwriting, purchase, agency or similar agreement relating to the particular offering,
Allegheny Technologies Incorporated
May 15, 2015
Page
5
including any amendment or supplement thereto (each a Purchase Agreement), and any other applicable agreement relating to the particular offering (including any applicable Indenture,
Certificate of Designations or Certificate of Amendment to the Certificate of Incorporation, Warrant Agreement, Deposit Agreement, Purchase Contract Agreement, Unit Agreement or other agreement pursuant to which any Securities offered pursuant to
the registration statement are to be issued or governed, including any amendment or supplement to any of the foregoing), and there will not have occurred any change in law or fact affecting the validity of any of the opinions rendered herein with
respect thereto;
(c) In the case of an Indenture pursuant to which any Debt Securities offered pursuant to the Registration Statement are
to be issued or governed, there will have been no addition, deletion or modification of the terms or provisions contained in (i) the Indenture included as Exhibit 4.3 to the Registration Statement or (ii) the form of subordinated debt
indenture included as Exhibit 4.18 to the Registration Statement, as applicable, that would affect the validity of any of the opinions rendered herein;
(d) A definitive Purchase Agreement, any other applicable agreement relating to the particular offering (including any applicable Indenture,
Certificate of Designation or Certificate of Amendment to the Certificate of Incorporation, Warrant Agreement, Deposit Agreement, Purchase Contract Agreement, Unit Agreement or other agreement pursuant to which any Securities offered pursuant to the
Registration Statement are to be issued or governed, including any amendment or supplement to any of the foregoing) and, if applicable, the Securities themselves will have been duly authorized and approved by all necessary action of the Board of
Directors, or a duly authorized committee thereof, and duly authorized and duly executed and delivered by the Company and each of the other parties thereto;
(e) In the case of any definitive Purchase Agreement, Indenture, Certificate of Designation or Certificate of Amendment to the Certificate of
Incorporation, Warrant Agreement, Deposit Agreement, Purchase Contract Agreement, Unit Agreement or other agreement pursuant to which any Securities offered pursuant to the Registration Statement are to be issued or governed, including any amendment
or supplement to any of the foregoing, there shall be no terms or provisions contained therein which would affect the validity of any of the opinions rendered herein;
(f) The final terms of any Securities offered pursuant to the Registration Statement, and, when issued, the issuance, sale and delivery
thereof, and the incurrence and performance of the obligations thereunder or in respect thereof in accordance with the terms thereof, and any consideration to be received for any such issuance, sale and delivery, (i) will comply with, and will
not violate, (A) the Certificate of Incorporation and the By-Laws, as they may be amended or supplemented hereafter, or (B) any applicable law, rule or regulation; (ii) will not result in a default under or breach of any agreement or
instrument binding upon the Company; (iii) will comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, or to which the issuance, sale and delivery of such Securities or the
incurrence and performance of such obligations may be subject; and (iv) will not violate any applicable public policy or be subject to any defense in law or equity; and
Allegheny Technologies Incorporated
May 15, 2015
Page
6
(g) The Company shall have taken any action required to be taken by the Company, based on the
type of Security being offered, to authorize the offer and issuance thereof, and such authorization shall remain in effect and unchanged at all times during which the Securities are offered and issued and shall not have been modified or rescinded
(subject to the further assumption that the sale of any such Security takes place in accordance with such authorization); the Board of Directors, or a duly authorized committee thereof, shall have duly established the terms of such Security and duly
authorized and taken any other necessary corporate action to approve the issuance and sale of such Security in conformity with the Certificate of Incorporation and the By-Laws, as they may be amended or supplemented hereafter (subject to the further
assumption that any such organic documents of the Company have not been amended from the date hereof in a manner that would affect the validity of any of the opinions rendered herein), and such authorization shall remain in effect and unchanged at
all times during which the such Securities are offered and issued and shall not have been modified or rescinded (subject to the further assumption that the sale of any such Security takes place in accordance with such authorization).
To the extent that the obligations of the Company under any offered Debt Securities and the applicable Indenture may be dependent upon such
matters, we assume for purposes of this opinion letter that (i) the applicable financial institution serving as trustee pursuant to the terms of such Indenture, as it may be amended or supplemented (the Trustee), will be duly
organized, validly existing and in good standing under the laws of its jurisdictions of organization; (ii) the Trustee will be duly qualified to engage in the activities contemplated by the Indenture, as it may be amended or supplemented;
(iii) such Indenture and any amendment or supplement thereto will have been duly authorized, executed and delivered by the Trustee and will constitute the valid and binding obligations of the Trustee, enforceable against the Trustee in
accordance with its terms; (iv) the Trustee will be in compliance, with respect to acting as a trustee under the Indenture and any amendment or supplement thereto, with all applicable laws and regulations; (v) the Trustee will have the
requisite organizational and legal power and authority to perform its obligations under the Indenture and any amendment or supplement thereto; and (vi) the Trustee will have been qualified under the Trust Indenture Act of 1939, as amended, and
an appropriate Form T-1 with respect to the Trustee shall have been properly filed as an exhibit to the Registration Statement.
To the
extent that the obligations of the Company under any Warrant Agreement, Deposit Agreement, Purchase Contract Agreement, Unit Agreement or other agreement pursuant to which any Securities offered pursuant to the Registration Statement are to be
issued or governed, including any amendment or supplement thereto, may be dependent upon such matters, we assume for purposes of this opinion letter that (i) each party to any such agreement other than the Company (including any applicable
warrant agent, Depositary, purchase contract agent or other
Allegheny Technologies Incorporated
May 15, 2015
Page
7
party acting in a similar capacity with respect to any Securities) will be duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; that each such
other party will be duly qualified to engage in the activities contemplated thereby; (ii) each such agreement and the applicable Securities will have been duly authorized, executed and delivered by each such other party and will constitute the
valid and binding obligations of each such other party, enforceable against each such other party in accordance with their terms; (iii) each such other party will be in compliance, with respect to acting in any capacity contemplated by any such
agreement, with all applicable laws and regulations; and (iv) each such other party will have the requisite organizational and legal power and authority to perform its obligations under each such agreement.
The opinions set forth above are subject to the effects of (a) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer,
reorganization, receivership, moratorium and other similar laws relating to or affecting the enforcement of creditors rights or remedies generally; (b) general principles of equity, regardless of whether such principles are considered in
a proceeding at law or in equity; and (c) an implied covenant of good faith, reasonableness, fair dealing and standards of materiality.
We express no opinion with respect to any provision (i) that purports to waive forum non conveniens or trial by jury; (ii) that
relates to judgments in currencies other than U.S. dollars; (iii) that purports to limit any persons liability, or relieve any party of the consequences of, its own unlawful, willful, reckless, bad faith, or negligent acts or omissions,
or that grants indemnity or a right of contribution; (iv) that purports to allow any party to interfere unreasonably in the conduct of another partys business; (v) that purports to require the payment or reimbursement of fees, costs,
expenses or other amounts that are unreasonable in nature or amount or without a reasonable accounting of the sums purportedly due or that are contrary to applicable law or public policy; (vi) that purports to prohibit the assignment of rights
that are assignable pursuant to applicable law notwithstanding an agreement not to assign such rights; (vii) that purports to require that amendments or waivers to any agreement be in writing; (viii) relating to severability or set-off;
(ix) that purports to limit access exclusively to any particular courts; (x) that purports to place a limitation on lawsuits to the extent that it may conflict with federal bankruptcy law, in which case such provision may be deemed void or
voidable under federal bankruptcy law; (xi) that provides that no recourse may be had against any successors of the Company or any stockholder of the Company that may be a controlling person under federal securities laws; (xii) that
purports to waive or modify any partys obligations of good faith, fair dealing, diligence, mitigation of damages, reasonableness or due notice, or the right of redemption under the Uniform Commercial Code or other applicable law;
(xiii) that provides for advance waivers of claims, defenses, rights granted by law, or notice, opportunity for hearing, evidentiary requirements, statutes of limitation, trial by jury or at law, or other procedural rights; (xiv) that
provides that decisions by a party are conclusive or may be made in its sole discretion; (xv) that consents to, or restricts governing law, jurisdiction, venue, arbitration, remedies or judicial relief; (xvi) that waives broadly or vaguely
stated rights; (xvii) that provides for exclusivity, election or
Allegheny Technologies Incorporated
May 15, 2015
Page
8
cumulation of rights or remedies; (xviii) that provides a proxy, power of attorney or trust; (xix) that prohibits, restricts, or requires consent to assignment or transfer of any right
or property; and (xx) that provides for liquidated damages, an increased interest rate on default, interest on interest, late charges, monetary penalties, make-whole premiums or other economic remedies to the extent such provisions may be found
to constitute a penalty. We also express no opinion concerning whether a U.S. federal court would accept jurisdiction in any dispute, action, suit or proceeding arising out of or relating to any agreement or the transactions contemplated thereby or
the net impact or result of any conflict of laws between or among laws of competing jurisdictions and the applicability of the law of any jurisdiction in such instance.
We assume no obligation to update or supplement any of our opinions to reflect any changes of law or fact that may occur.
We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the reference to this firms
name under the caption Legal Matters in the Prospectus. In giving our consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement, the Prospectus or any Prospectus Supplement within the
meaning of the term expert, as used in Section 11 of the Securities Act or the rules and regulations promulgated thereunder, nor do we admit that we are in the category of persons whose consent is required under Section 7 of
the Securities Act or the rules and regulations thereunder.
Yours truly,
/s/ K&L Gates LLP
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the reference to our firm under the caption Experts in this Registration Statement (Form S-3) and related Prospectus of Allegheny
Technologies Incorporated for the registration of Debt Securities, Preferred Stock, Common Stock, Warrants, Purchase Contracts, Purchase Units and Depositary Shares and to the incorporation by reference therein of our reports dated February 26,
2015, with respect to the consolidated financial statements of Allegheny Technologies Incorporated and Subsidiaries, and the effectiveness of internal control over financial reporting of Allegheny Technologies Incorporated and Subsidiaries, included
in its Annual Report (Form 10-K) for the year ended December 31, 2014, filed with the Securities and Exchange Commission.
/s/ Ernst & Young
LLP
Pittsburgh, Pennsylvania
May 15, 2015
Exhibit 25.1
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
STATEMENT OF
ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE
¨ |
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2) |
THE BANK OF
NEW YORK MELLON
(Exact name of trustee as specified in its charter)
|
|
|
New York |
|
13-5160382 |
(Jurisdiction of incorporation
if not a U.S. national bank) |
|
(I.R.S. Employer
Identification No.) |
|
|
One Wall Street
New York, New York |
|
10286 |
(Address of principal executive offices) |
|
(Zip code) |
Legal Department
The Bank of New York Mellon
One Wall Street, 15th Floor
New York, NY 10286
(212)
635-1270
(Name, address and telephone number of agent for service)
ALLEGHENY TECHNOLOGIES INCORPORATED
(Exact name of obligor as specified in its charter)
|
|
|
Delaware |
|
25-1792394 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
|
|
1000 Six PPG Place
Pittsburgh, Pennsylvania |
|
15222-5479 |
(Address of principal executive offices) |
|
(Zip code) |
Senior Debt Securities
(Title of the indenture securities)
Item 1. |
General Information. |
Furnish the following information as to the Trustee:
|
(a) |
Name and address of each examining or supervising authority to which it is subject. |
|
|
|
Superintendent of Banks of the State of New York |
|
One State Street, New York, N.Y. 10004-1417 and Albany, N.Y. 12203 |
Federal Reserve Bank of New York |
|
33 Liberty Plaza, New York, N.Y. 10045 |
Federal Deposit Insurance Corporation |
|
550 17th Street, N.W., Washington, D.C. 20429 |
New York Clearing House Association |
|
New York, N.Y. 10005 |
|
(b) |
Whether it is authorized to exercise corporate trust powers. |
Yes.
Item 2. |
Affiliations with Obligor. |
If the obligor is an affiliate of the
trustee, describe each such affiliation.
None.
Item 16. |
List of Exhibits. |
Exhibits identified in parentheses below, on file with the
Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the Act) and 17 C.F.R. 229.10(d).
|
|
|
|
|
1. |
|
- |
|
A copy of the Organization Certificate of The Bank of New York Mellon (formerly The Bank of New York (formerly Irving Trust Company)) as now in effect, which contains the authority to commence business and a grant of powers to
exercise corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed with
Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed as Exhibit 25.1 to Current Report on Form 8-K of Nevada Power Company, Date of Report (Date of
Earliest Event Reported) July 25, 2008 (File No. 000-52378).) |
|
|
|
4. |
|
- |
|
A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form T-1 with Registration Statement No. 333-155238.) |
|
|
|
6. |
|
- |
|
The consent of the Trustee required by Section 321(b) of the Act. (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-152856.) |
|
|
|
7. |
|
- |
|
A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority. |
SIGNATURE
Pursuant to the requirements of the Act, the Trustee, The Bank of New York Mellon, a corporation organized and existing under the laws of the
State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York, and State of New York, on the 12th day of May, 2015.
|
|
|
THE BANK OF NEW YORK MELLON |
|
|
By: |
|
/s/ Francine Kincaid |
|
|
Name: Francine Kincaid |
|
|
Title: Vice President |
EXHIBIT 7
(Page i of iii)
Consolidated Report of Condition of
THE BANK OF NEW YORK MELLON
of
One Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System, at the close of business December 31, 2014, published in accordance with a call made by the Federal Reserve Bank
of this District pursuant to the provisions of the Federal Reserve Act.
|
|
|
|
|
|
|
Dollar amounts in thousands |
|
ASSETS |
|
|
|
|
Cash and balances due from depository institutions: |
|
|
|
|
Noninterest-bearing balances and currency and coin |
|
|
6,613,000 |
|
Interest-bearing balances |
|
|
100,335,000 |
|
Securities: |
|
|
|
|
Held-to-maturity securities |
|
|
40,489,000 |
|
Available-for-sale securities |
|
|
84,634,000 |
|
Federal funds sold and securities purchased under agreements to resell: |
|
|
|
|
Federal funds sold in domestic offices |
|
|
286,000 |
|
Securities purchased under agreements to resell |
|
|
17,419,000 |
|
Loans and lease financing receivables: |
|
|
|
|
Loans and leases held for sale |
|
|
140,000 |
|
Loans and leases, net of unearned income |
|
|
37,058,000 |
|
LESS: Allowance for loan and lease losses |
|
|
167,000 |
|
Loans and leases, net of unearned income and allowance |
|
|
36,891,000 |
|
Trading assets |
|
|
6,999,000 |
|
Premises and fixed assets (including capitalized leases) |
|
|
1,060,000 |
|
Other real estate owned |
|
|
4,000 |
|
Investments in unconsolidated subsidiaries and associated companies |
|
|
529,000 |
|
Direct and indirect investments in real estate ventures |
|
|
0 |
|
Intangible assets: |
|
|
|
|
Goodwill |
|
|
6,312,000 |
|
Other intangible assets |
|
|
1,124,000 |
|
Other assets |
|
|
13,864,000 |
|
|
|
|
|
|
Total assets |
|
|
316,699,000 |
|
|
|
|
|
|
EXHIBIT 7
(Page ii of iii)
|
|
|
|
|
|
|
Dollar amounts in thousands |
|
LIABILITIES |
|
|
|
|
Deposits: |
|
|
|
|
In domestic offices |
|
|
145,060,000 |
|
Noninterest-bearing |
|
|
95,182,000 |
|
Interest-bearing |
|
|
49,878,000 |
|
In foreign offices, Edge and Agreement subsidiaries, and IBFs |
|
|
127,760,000 |
|
Noninterest-bearing |
|
|
16,001,000 |
|
Interest-bearing |
|
|
111,759,000 |
|
Federal funds purchased and securities sold under agreements to repurchase: |
|
|
|
|
Federal funds purchased in domestic offices |
|
|
1,188,000 |
|
Securities sold under agreements to repurchase |
|
|
129,000 |
|
Trading liabilities |
|
|
6,658,000 |
|
Other borrowed money: |
|
|
|
|
(includes mortgage indebtedness and obligations under capitalized leases) |
|
|
5,934,000 |
|
Not applicable |
|
|
|
|
Not applicable |
|
|
|
|
Subordinated notes and debentures |
|
|
765,000 |
|
Other liabilities |
|
|
8,262,000 |
|
|
|
|
|
|
Total liabilities |
|
|
295,756,000 |
|
|
|
|
|
|
EQUITY CAPITAL |
|
|
|
|
Perpetual preferred stock and related surplus |
|
|
0 |
|
Common stock |
|
|
1,135,000 |
|
Surplus (exclude all surplus related to preferred stock) |
|
|
10,155,000 |
|
Retained earnings |
|
|
10,713,000 |
|
Accumulated other comprehensive income |
|
|
-1,410,000 |
|
Other equity capital components |
|
|
0 |
|
Total bank equity capital |
|
|
20,593,000 |
|
Noncontrolling (minority) interests in consolidated subsidiaries |
|
|
350,000 |
|
Total equity capital |
|
|
20,943,000 |
|
|
|
|
|
|
Total liabilities and equity capital |
|
|
316,699,000 |
|
|
|
|
|
|
ii
EXHIBIT 7
(Page iii of iii)
I, Thomas P. Gibbons, Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my
knowledge and belief.
Thomas P. Gibbons,
Chief Financial Officer
We, the undersigned
directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and
correct.
|
|
|
|
|
Gerald L. Hassell
Catherine A. Rein
Michael J. Kowalski |
|
|
|
Directors |
|
|
|
|
|
iii
Exhibit 25.2
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
STATEMENT OF
ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE
¨ |
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2) |
THE BANK OF
NEW YORK MELLON
(Exact name of trustee as specified in its charter)
|
|
|
New York |
|
13-5160382 |
(Jurisdiction of incorporation
if not a U.S. national bank) |
|
(I.R.S. Employer
Identification No.) |
|
|
|
One Wall Street
New York, New York |
|
10286 |
(Address of principal executive offices) |
|
(Zip code) |
Legal Department
The Bank of New York Mellon
One Wall Street, 15th Floor
New York, NY 10286
(212)
635-1270
(Name, address and telephone number of agent for service)
ALLEGHENY TECHNOLOGIES INCORPORATED
(Exact name of obligor as specified in its charter)
|
|
|
Delaware |
|
25-1792394 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
|
|
|
1000 Six PPG Place
Pittsburgh, Pennsylvania |
|
15222-5479 |
(Address of principal executive offices) |
|
(Zip code) |
Subordinated Debt Securities
(Title of the indenture securities)
Item 1. |
General Information. |
Furnish the following information as to the Trustee:
|
(a) |
Name and address of each examining or supervising authority to which it is subject. |
|
|
|
Superintendent of Banks of the State of New York |
|
One State Street, New York, N.Y. 10004-1417 and Albany, N.Y. 12203 |
Federal Reserve Bank of New York |
|
33 Liberty Plaza, New York, N.Y. 10045 |
Federal Deposit Insurance Corporation |
|
550 17th Street, N.W., Washington, D.C. 20429 |
New York Clearing House Association |
|
New York, N.Y. 10005 |
|
(b) |
Whether it is authorized to exercise corporate trust powers. |
Yes.
Item 2. |
Affiliations with Obligor. |
If the obligor is an affiliate of the
trustee, describe each such affiliation.
None.
Item 16. |
List of Exhibits. |
Exhibits identified in parentheses below, on file with the
Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the Act) and 17 C.F.R. 229.10(d).
|
|
|
|
|
1. |
|
- |
|
A copy of the Organization Certificate of The Bank of New York Mellon (formerly The Bank of New York (formerly Irving Trust Company)) as now in effect, which contains the authority to commence business and a grant of powers to
exercise corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed with
Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed as Exhibit 25.1 to Current Report on Form 8-K of Nevada Power Company, Date of Report (Date of
Earliest Event Reported) July 25, 2008 (File No. 000-52378).) |
|
|
|
4. |
|
- |
|
A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form T-1 with Registration Statement No. 333-155238.) |
|
|
|
6. |
|
- |
|
The consent of the Trustee required by Section 321(b) of the Act. (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-152856.) |
|
|
|
7. |
|
- |
|
A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority. |
SIGNATURE
Pursuant to the requirements of the Act, the Trustee, The Bank of New York Mellon, a corporation organized and existing under the laws of the
State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York, and State of New York, on the 12th day of May, 2015.
|
|
|
|
|
THE BANK OF NEW YORK MELLON |
|
|
By: |
|
/s/ Francine Kincaid |
|
|
Name: |
|
Francine Kincaid |
|
|
Title: |
|
Vice President |
EXHIBIT 7
(Page i of iii)
Consolidated Report of Condition of
THE BANK OF NEW YORK MELLON
of
One Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System, at the close of business December 31, 2014, published in accordance with a call made by the Federal Reserve Bank
of this District pursuant to the provisions of the Federal Reserve Act.
|
|
|
|
|
|
|
Dollar amounts in thousands |
|
ASSETS |
|
|
|
|
Cash and balances due from depository institutions: |
|
|
|
|
Noninterest-bearing balances and currency and coin |
|
|
6,613,000 |
|
Interest-bearing balances |
|
|
100,335,000 |
|
Securities: |
|
|
|
|
Held-to-maturity securities |
|
|
40,489,000 |
|
Available-for-sale securities |
|
|
84,634,000 |
|
Federal funds sold and securities purchased under agreements to resell: |
|
|
|
|
Federal funds sold in domestic offices |
|
|
286,000 |
|
Securities purchased under agreements to resell |
|
|
17,419,000 |
|
Loans and lease financing receivables: |
|
|
|
|
Loans and leases held for sale |
|
|
140,000 |
|
Loans and leases, net of unearned income |
|
|
37,058,000 |
|
LESS: Allowance for loan and lease losses |
|
|
167,000 |
|
Loans and leases, net of unearnedincome and allowance |
|
|
36,891,000 |
|
Trading assets |
|
|
6,999,000 |
|
Premises and fixed assets (including capitalized leases) |
|
|
1,060,000 |
|
Other real estate owned |
|
|
4,000 |
|
Investments in unconsolidated subsidiaries and associated companies |
|
|
529,000 |
|
Direct and indirect investments in real estate ventures |
|
|
0 |
|
Intangible assets: |
|
|
|
|
Goodwill |
|
|
6,312,000 |
|
Other intangible assets |
|
|
1,124,000 |
|
Other assets |
|
|
13,864,000 |
|
|
|
|
|
|
Total assets |
|
|
316,699,000 |
|
|
|
|
|
|
EXHIBIT 7
(Page ii of iii)
|
|
|
|
|
|
|
Dollar amounts in thousands |
|
LIABILITIES |
|
|
|
|
Deposits: |
|
|
|
|
In domestic offices |
|
|
145,060,000 |
|
Noninterest-bearing |
|
|
95,182,000 |
|
Interest-bearing |
|
|
49,878,000 |
|
In foreign offices, Edge and Agreement subsidiaries, and IBFs |
|
|
127,760,000 |
|
Noninterest-bearing |
|
|
16,001,000 |
|
Interest-bearing |
|
|
111,759,000 |
|
Federal funds purchased and securities sold under agreements to repurchase: |
|
|
|
|
Federal funds purchased in domestic offices |
|
|
1,188,000 |
|
Securities sold under agreements to repurchase |
|
|
129,000 |
|
Trading liabilities |
|
|
6,658,000 |
|
Other borrowed money: |
|
|
|
|
(includes mortgage indebtedness and obligations under capitalized leases) |
|
|
5,934,000 |
|
Not applicable |
|
|
|
|
Not applicable |
|
|
|
|
Subordinated notes and debentures |
|
|
765,000 |
|
Other liabilities |
|
|
8,262,000 |
|
|
|
|
|
|
Total liabilities |
|
|
295,756,000 |
|
|
|
|
|
|
EQUITY CAPITAL |
|
|
|
|
Perpetual preferred stock and related surplus |
|
|
0 |
|
Common stock |
|
|
1,135,000 |
|
Surplus (exclude all surplus related to preferred stock) |
|
|
10,155,000 |
|
Retained earnings |
|
|
10,713,000 |
|
Accumulated other comprehensive income |
|
|
-1,410,000 |
|
Other equity capital components |
|
|
0 |
|
Total bank equity capital |
|
|
20,593,000 |
|
Noncontrolling (minority) interests in consolidated subsidiaries |
|
|
350,000 |
|
Total equity capital |
|
|
20,943,000 |
|
|
|
|
|
|
Total liabilities and equity capital |
|
|
316,699,000 |
|
|
|
|
|
|
ii
EXHIBIT 7
(Page iii of iii)
I, Thomas P. Gibbons, Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my
knowledge and belief.
Thomas P. Gibbons,
Chief Financial Officer
We, the undersigned
directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and
correct.
|
|
|
|
|
Gerald L. Hassell
Catherine A. Rein
Michael J. Kowalski |
|
|
|
Directors |
|
|
|
|
|
iii
ATI (NYSE:ATI)
Historical Stock Chart
From Feb 2024 to Mar 2024
ATI (NYSE:ATI)
Historical Stock Chart
From Mar 2023 to Mar 2024