Alcoa (AA) Announces $750M Unsecured Notes Offering

On March 5, 2024, Alcoa (NYSE: AA) announced that it is commencing a series of fixed income investor calls. Subject to market conditions, a $750 million 7-year senior unsecured notes offering by Alcoa Nederland Holding B.V., a wholly-owned subsidiary of the Company, which would be guaranteed by the Company and certain subsidiaries, may follow. An amount equal to the net proceeds of any potential offering would be allocated to finance and/or refinance new and/or existing eligible green projects that meet certain eligibility criteria in alignment with the International Capital Market Association’s 2021 Green Bond Principles. The net proceeds of any such potential offering would support the Company’s cash position and ongoing cash needs, including with respect to its previously announced portfolio actions, following reductions to date in the Company’s cash and cash equivalents as further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

This report does not constitute an offer to sell or a solicitation of an offer to buy any notes or related guarantees or any other security and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale would be unlawful.

If an offering were to occur, any notes and related guarantees would be sold in a private placement to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-United States persons in offshore transactions in accordance with Regulation S under the Securities Act. The notes and related guarantees would not be registered under the Securities Act or the securities laws of any other jurisdiction and would not be offered or sold in the United States or to, or for the benefit of, U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the Securities Act.

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