kalkine.com.au

Alcoa Prices $2.6B Senior Notes to Finance South32 Asset Acquisition

Alcoa logoAlcoa
Sig3.11Sen+2.25Env+0.02Soc+0.02Gov+0.28
South32 logoSouth32
Sig3.25Sen+1.38Env0.00Soc0.00Gov+0.27

Alcoa priced a US$2.6 billion senior notes offering in two tranches, with proceeds intended to fund the approximately US$3.1 billion cash portion of its proposed acquisition of South32’s interests in bauxite, alumina and aluminium smelter operations. The notes comprise US$1.5 billion due 2034 and US$1.1 billion due 2036, issued by subsidiaries and guaranteed by Alcoa, with remaining bridge-loan commitments to be terminated at completion.

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