ATI Inc (NYSE: ATI) sets $125M, three-year receivables facility

Rhea-AI Filing Summary

ATI Inc., through its subsidiary ATI Specialty Materials, entered into a new three-year $125 million accounts receivable securitization facility. Under this structure, the subsidiary sells eligible customer receivables to special-purpose entities, which in turn may borrow from or sell receivables to a group of lenders, with PNC Bank acting as administrative agent.

Borrowings under the facility can accrue interest at either a one-month term SOFR-based rate or a daily SOFR-based rate, and are subject to customary fees, covenants and eligibility criteria on the receivables. As of September 25, 2025, approximately $80 million was outstanding under this facility, providing ATI with secured, receivables-backed funding capacity.

Insights

Credit & capital structure analyst

ATI adds a $125M receivables facility, with $80M already drawn.

ATI has implemented a structured finance program where operating receivables are sold into special-purpose entities, which then access up to $125 million of funding. This is a common way to convert trade receivables into flexible, secured liquidity while keeping the operating business relationship with customers unchanged.

The facility runs for three years and uses SOFR-based interest, so funding costs will move with short-term rates. The structure includes criteria, limits and reserves on the receivables, plus standard covenants and events of default, which can constrain usage if receivables quality weakens.

As of September 25, 2025, ATI had about $80 million outstanding, indicating meaningful initial utilization of the program. The overall effect on leverage, liquidity and borrowing costs will depend on how consistently the company uses the full $125 million capacity and how SOFR evolves over the facility’s term.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

FAQ

What financing did ATI (ATI) put in place in this 8-K?

ATI, through ATI Specialty Materials, established a three-year $125 million accounts receivable securitization facility that finances eligible customer receivables through special-purpose entities.

How much of ATI’s new receivables facility was used as of September 25, 2025?

As of September 25, 2025, approximately $80 million of loans and/or investments were outstanding under ATI’s $125 million receivables securitization facility.

How does ATI’s accounts receivable securitization facility work?

The originator subsidiary sells or contributes certain receivables to a wholly owned entity, which then transfers them to a special-purpose entity. That special-purpose entity can borrow from, or sell receivables to, purchaser-lenders up to an aggregate $125 million limit.

What interest rate applies to ATI’s securitization facility?

Amounts outstanding accrue interest based on either a one-month forward-looking term SOFR rate or a daily SOFR rate for a one-month period, as selected by the special-purpose entity.

What is the term of ATI’s new receivables facility?

The accounts receivable securitization facility has a three-year term, providing ATI and its subsidiary with multi-year receivables-backed funding capacity.

Who is the administrative agent on ATI’s receivables facility?

PNC Bank, National Association, serves as administrative agent, and PNC Capital Markets LLC is the structuring agent, with various purchaser-lenders participating from time to time.

Does ATI disclose relationships with the lenders in this facility?

Yes. ATI notes that certain secured parties and their affiliates have provided, and may continue to provide, investment banking, financial advisory, lending and commercial banking services to ATI and its affiliates for customary compensation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Accepted by SEC EDGAR 09/25/2025 - 04:58 PM Learn about SEC filing dates

ATI INC false 0001018963 0001018963 2025-09-19 2025-09-19

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 25, 2025 (September 19, 2025)

ATI Inc.

(Exact name of registrant as specified in its charter)

Delaware		1-12001		25-1792394
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

2021 McKinney Avenue, Dallas, Texas		75201
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (800) 289-7545

N/A

(Former name or former address, if changed since last report).

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.10 per share		ATI		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On September 19, 2025, ATI Specialty Materials, LLC (the “Company”), an indirect wholly-owned subsidiary of ATI Inc. (“ATI”), entered into a three-year, $125 million accounts receivable securitization facility (the “Facility”) pursuant to (i) a First Tier Purchase and Sale Agreement (the “First Tier Agreement”) among the Company, as Servicer and as the Originator, and ATI Securitization Holdings LLC, a bankruptcy-remote special purpose entity that is a direct wholly-owned subsidiary of the Company (“Holdings”), as Buyer, (ii) a Second Tier Purchase and Sale and Agreement (the “Second Tier Agreement”) among the Company, as Servicer, Holdings, as Seller, and ATI Securitization LLC, a bankruptcy-remote special purpose entity that is a direct wholly-owned subsidiary of Holdings (the “SPE”), and (iii) a Receivables Purchase and Financing Agreement (the “Receivables Purchase and Financing Agreement” and, together with the First Tier Agreement and the Second Tier Agreement, the “Agreements”) among the SPE, the Company, as Servicer (the “Servicer”), the purchaser/lenders that are parties thereto from time to time (collectively, the “Purchaser/Lenders”), and PNC Bank, National Association, as Administrative Agent (the “Administrative Agent”), and PNC Capital Markets LLC, as Structuring Agent.

Under the Agreements, the Originator has sold or contributed, and will continue to sell or contribute on an ongoing basis, certain of its receivables, to Holdings which, in turn, has sold or contributed, and will continue to sell or contribute, all such receivables to the SPE. The SPE may borrow and incur indebtedness from, and/or sell receivables to, the Purchaser/Lenders in an amount not to exceed $125 million in the aggregate.

Amounts outstanding under the Receivables Purchase and Financing Agreement accrue interest based on either the forward-looking term rate based on the secured overnight financing rate as administered by the Federal Reserve Bank of New York (“SOFR Rate”) for a one-month period or the daily SOFR Rate for a period of one month as of the date of incurrence, as selected by the SPE. The Agreements include customary fees, conditions, representations and warranties, indemnification provisions, covenants and events of default. Receivables in the Facility are subject to certain criteria, limits and reserves.

As of September 25, 2025, approximately $80 million of loans and/or investments were outstanding under the Facility. The Facility has a three-year term.

Certain of the Secured Parties and their affiliates have provided and may, from time to time, continue to provide investment banking, financial advisory, lending and/or commercial banking services to ATI, the Company and their affiliates, for which they have received, and may in the future receive, customary compensation and reimbursement of expenses.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet

Arrangement of a Registrant.

The disclosure set forth in Item 1.01 of this Current Report is incorporated by reference into this Item 2.03.

Item 9.01. Exhibit

(d) 104 Cover Page Interactive Data File

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ATI Inc.
By:		/s/ Donald P. Newman
		Donald P. Newman
		Executive Vice President, Finance and Chief Financial Officer

Dated: September 25, 2025