Alcoa Announces Results of Tender Offers

By Tamara Parker • Monday, March 17 15:17 • Permanent Link

Alcoa Corporation has announced the expiration and results of its cash tender offer for the outstanding 5.500% senior unsecured notes due 2027 and the early results of its cash tender offer for the outstanding 6.125% senior unsecured notes due 2028.

For the 5.500% senior unsecured notes due 2027, the principal amount outstanding was US$750,000,000, with US$609,101,000 tendered and accepted for purchase. After the settlement date, the principal amount outstanding will be US$140,899,000. The total consideration for the notes was US$1,002.47 per US$1,000 principal amount.

Regarding the 6.125% senior unsecured notes due 2028, the principal amount outstanding was US$500,000,000, with US$281,258,000 tendered and accepted for purchase. After the early settlement date, the principal amount outstanding will be US$218,742,000. The early consideration for the notes was US$1,012.50 per US$1,000 principal amount, including the early tender premium.

The any and all offer expired on March 14, 2025, and Alcoa expects to accept all of the any and all notes tendered and delivered in accordance with the terms and conditions. The capped offer is scheduled to expire on March 31, 2025, with Alcoa increasing the maximum principal amount accepted from US$250,000,000 to US$281,258,000.

The settlement dates for the any and all notes and the capped notes are expected to be on March 19, 2025. Today the company's shares have moved 4.5% to a price of $35.05. Check out the company's full 8-K submission here.

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