06 MAY 2017Arconic Press Release
Arconic completes Debt-For-Equity exchange of Alcoa Corporation common stock
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<p>Arconic Inc. today announced the completion on May 4, 2017 of the exchange of its remaining 12,958,767 shares of common stock of Alcoa Corporation for $428,635,000 aggregate principal amount of Arconic debt held by Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC. The debt-for-equity exchange is intended to qualify as generally tax-free to Arconic for U.S. federal income tax purposes. The completion of the debt-for-equity exchange marks Arconic’s exit of its ownership stake in Alcoa.</p>
<p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/arconic1.jpg" alt="News" width="517" height="226" /></p>
<p>Arconic also today purchased with cash the remainder of the debt held by Citigroup and Credit Suisse: $1,961,000 in aggregate principal amount of Arconic’s 6.500% Senior Notes due 2018 and $79,517,000 in aggregate principal amount of its 6.750% Senior Notes due 2018.</p>
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<p>Taken together, Arconic actions in 2017 have resulted in the Company reducing its total debt by approximately $800 million. As indicated at its December 2016 Investor Day, Arconic intends to reduce its debt by $1 billion in the first half of 2017.</p>
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