Alcoa (AA) Declares Proposed Offering Of Senior Notes
Zacks Investment Research | Sep 21, 2016 07:31AM ET
Aluminum giant Alcoa (NYSE:AA) has declared a planned offering of senior notes by Alcoa Nederland Holding B.V., a fully-owned unit of Alcoa Upstream Corporation (Alcoa Corporation), currently a fully-owned subsidiary of Alcoa.
The terms of the notes and timing of pricing are subject to market conditions and other factors. The issuer (Alcoa Nederland Holding B.V.) of the notes plans to use the proceeds from the proposed offering to make a payment to Alcoa to fund the transfer of specific assets from Alcoa to the issuer in connection with Alcoa’s earlier announced plans to separate into two independent, publicly traded companies, and for general corporate purposes.
The net proceeds from the planned offering will be held in escrow until the completion of the proposed spilt and the satisfaction of specific other escrow release conditions. The notes will initially be guaranteed on a senior unsecured basis by Alcoa Corporation and by Alcoa Corporation and certain of its subsidiaries following the separation.
Alcoa’s shares closed roughly 0.9% higher at $9.44 yesterday.
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