* To use net proceeds and existing cash to repay debt
* Shares sink 9 pct
Sept 8 (Reuters) - Titanium producer RTI International Metals Inc RTI.N said it will offer 5 million common shares and use the net proceeds to repay debt.
Shares of the company fell 9 percent to $19.56 in trading after the bell. They closed at $21.54 Tuesday on the New York Stock Exchange.
The company said it expects to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares to cover over-allotments, if any.
RTI said it intends to repay or pay the term loan portion of its credit facility, the outstanding debt under its two Canadian credit facilities and related costs and expenses.
Citi and FBR Capital Markets are acting as underwriters for the offering, the Pittsburgh, Pennsylvania-based company said in a statement. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Deepak Kannan)