Alcoa to redeem $422.46 million outstanding 6% notes at end of June

By Susanna Moon

Chicago, May 24 - Alcoa Inc. will redeem all of its $422,463,000 of outstanding 6% notes due July 15, 2013 on June 28, according to an 8-K filing with the Securities and Exchange Commission.

The notes will be redeemed at the greater of par plus accrued interest to the redemption date and the sum of the present values of the remaining scheduled payments on the notes, discounted to the redemption date, using a reference rate for a comparable U.S. Treasury security plus 45 basis points plus accrued interest to the redemption date.

Alcoa is a Pittsburgh-based producer of primary aluminum, fabricated aluminum and alumina.

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