Arconic Announces Proposed Notes Offering
Arconic Corporation (ARNC)
Last arconic corporation earnings: 1/27 06:50 am
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US:NYSE Investor Relations:
arconic.com/global/en/investors/overview.asp
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Source: Business Wire
PITTSBURGH--(BUSINESS WIRE)--Arconic Corp. (NYSE: ARNC) (“Arconic” or “the Company”) announced today a proposed offering of $600 million aggregate principal amount of first lien notes (the “Notes”).The timing of pricing and terms of the Notes are subject to market conditions and other factors. The Company also intends to replace its existing cash flow revolver with a new asset-based credit facility (the “ABL facility”) and has received commitments totaling over $750 million for the new ABL facility from the Company’s existing bank group. The Company intends to use the net proceeds from the proposed offering, together with cash on hand, to (i) prepay in full the obligations outstanding under its senior secured first-lien term loan B facility, and (ii) prepay in full the obligations outstanding under its revolving credit facility and terminate in full the commitments thereunder. If the Notes closing occurs before the closing of the ABL facility, the Notes will be initially issued by
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