Arconic completes Debt-For-Equity exchange of Alcoa Corporation common stock
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.
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.
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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.
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