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Stock impact report

Arconic Announces Closing of $300 Million of Additional Notes Offering

Arconic Corporation (ARNC) 
Last arconic corporation earnings: 1/27 06:50 am Check Earnings Report
Company Research Source: Business Wire
PITTSBURGH--(BUSINESS WIRE)--Arconic Corp. (NYSE: ARNC) (“Arconic” or “the Company”) announced today that it closed its offering of an additional $300 million aggregate principal amount of the Company’s 6.125% Senior Secured Second-Lien Notes due 2028 (the “Additional Notes”). The Additional Notes were sold at 106.25% of par and the Company expects net proceeds of approximately $314 million.Chief Executive Officer Tim Myers said, “We remain committed to reducing our legacy pension obligations and these add-on notes position us to fund a significant pension annuitization in the first half of 2021 while preserving our liquidity profile. The intended annuitization will effectively replace certain pension obligations, which have risks related to mortality and variable interest rates that are beyond our control, with long maturity notes that have a fixed obligation.”The Company intends to use the net proceeds of the issuance of the Additional Notes for general corporate purposes, inclu Show less Read more
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