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ATI Prices $450 Million Senior Notes Offering Due in 2033
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Key Takeaways
ATI priced a $450M public offering of 5.875% senior notes due June 15, 2033.
ATI plans to use about $350M of proceeds to redeem all outstanding 5.875% notes due 2027.
ATI raised 2026 guidance after strong Q1, lifting adjusted EBITDA, earnings, and free cash flow outlook.
ATI Inc. (ATI - Free Report) has announced the pricing of a public offering of $450 million in aggregate principal amount of 5.875% Senior Notes due June 15, 2033. The notes will pay interest semi-annually in arrears.
The company plans to use approximately $350 million of the net proceeds to redeem all outstanding 5.875% Senior Notes due 2027. Remaining proceeds will be allocated for general corporate purposes.
The offering is being made under an effective shelf registration statement and will be available through a prospectus supplement and accompanying prospectus. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as joint book-running managers and co-global coordinators for the transaction.
ATI ended the first quarter with cash and cash equivalents of $401.7 million compared with $416.7 million at the end of 2025. The company’s cash position reflected the combination of higher operating cash generation and continued capital returns, alongside typical working-capital movements. Long-term debt totaled $1,794.7 million at quarter end, up from $1,718.3 million at the end of 2025. The notes offering is expected to improve ATI’s financial flexibility.
ATI lifted full-year expectations following the first-quarter performance. For the second quarter of 2026, ATI expects adjusted EBITDA of $245-$255 million and adjusted earnings of 98 cents-$1.04 per share. For full-year 2026, adjusted EBITDA is now expected to be in the range of $1,010-$1,060 million, up from the prior $975-$1,025 million view. Adjusted earnings guidance was raised to $4.20-$4.48 per share from $3.99-$4.27 previously, alongside a higher adjusted free cash flow outlook of $465-$525 million versus the prior $430-$490 million range.
ATI has gained 117.4% over the past year compared with the industry’s 23.8% growth.
Image Source: Zacks Investment Research
ATI’s Zacks Rank & Other Key Picks
ATI currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the Basic Materials space are CF Industries Holdings, Inc. (CF - Free Report) , Albemarle Corporation (ALB - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) .
The Zacks Consensus Estimate for CF’s 2026 earnings is pegged at $17.57 per share, indicating a rise of 87.51% year over year. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 11.42%. CF’s shares have soared 26.4% over the past year.
The Zacks Consensus Estimate for ALB’s 2026 earnings is pinned at $12.39 per share, indicating a 1,668.35% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with an average surprise of 74.5%. ALB’s shares have jumped 187% over the past year.
The Zacks Consensus Estimate for ASM’s current fiscal-year earnings is pinned at 39 cents per share, indicating a 34.48% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the four trailing quarters, with an average earnings surprise of 91.5%.
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ATI Prices $450 Million Senior Notes Offering Due in 2033
Key Takeaways
ATI Inc. (ATI - Free Report) has announced the pricing of a public offering of $450 million in aggregate principal amount of 5.875% Senior Notes due June 15, 2033. The notes will pay interest semi-annually in arrears.
The company plans to use approximately $350 million of the net proceeds to redeem all outstanding 5.875% Senior Notes due 2027. Remaining proceeds will be allocated for general corporate purposes.
The offering is being made under an effective shelf registration statement and will be available through a prospectus supplement and accompanying prospectus. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as joint book-running managers and co-global coordinators for the transaction.
ATI ended the first quarter with cash and cash equivalents of $401.7 million compared with $416.7 million at the end of 2025. The company’s cash position reflected the combination of higher operating cash generation and continued capital returns, alongside typical working-capital movements. Long-term debt totaled $1,794.7 million at quarter end, up from $1,718.3 million at the end of 2025. The notes offering is expected to improve ATI’s financial flexibility.
ATI lifted full-year expectations following the first-quarter performance. For the second quarter of 2026, ATI expects adjusted EBITDA of $245-$255 million and adjusted earnings of 98 cents-$1.04 per share. For full-year 2026, adjusted EBITDA is now expected to be in the range of $1,010-$1,060 million, up from the prior $975-$1,025 million view. Adjusted earnings guidance was raised to $4.20-$4.48 per share from $3.99-$4.27 previously, alongside a higher adjusted free cash flow outlook of $465-$525 million versus the prior $430-$490 million range.
ATI has gained 117.4% over the past year compared with the industry’s 23.8% growth.
Image Source: Zacks Investment Research
ATI’s Zacks Rank & Other Key Picks
ATI currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the Basic Materials space are CF Industries Holdings, Inc. (CF - Free Report) , Albemarle Corporation (ALB - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) .
While CF and ALB sport a Zacks Rank #1 (Strong Buy) each at present, ASM carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CF’s 2026 earnings is pegged at $17.57 per share, indicating a rise of 87.51% year over year. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 11.42%. CF’s shares have soared 26.4% over the past year.
The Zacks Consensus Estimate for ALB’s 2026 earnings is pinned at $12.39 per share, indicating a 1,668.35% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with an average surprise of 74.5%. ALB’s shares have jumped 187% over the past year.
The Zacks Consensus Estimate for ASM’s current fiscal-year earnings is pinned at 39 cents per share, indicating a 34.48% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the four trailing quarters, with an average earnings surprise of 91.5%.