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Howmet Aerospace gives results of tenders for two notes series
By Rebecca Melvin
New York, May 20 – Howmet Aerospace, Inc. announced the expiration and final tender of cash tender offers for two series of notes.
The company said it has purchased $561,417,000 principal amount of its 5.4% notes due 2021 and $146,642,000 principal amount of its 5.87% notes due 2022, according to a company release on Wednesday.
The purchases were made of validly tendered notes as of 5 p.m. ET on May 5, which was the early tender deadline.
Howmet expects to accept for purchase an additional $27,775,000 principal amount of the 2021 notes and $4.31 million principal amount of the 2022 notes that were tendered after the early tender deadline, but prior to the tender expiration at 12:01 a.m. ET on Wednesday.
Final settlement is expected May 21 for the additional notes.
Holders who validly tendered their notes and, in the case of the 2021 notes, validly delivered their consents after the early tender deadline and at or prior to the expiration date will receive the total consideration, which includes the early tender premium for the notes of $50.00 per $1,000 principal amount of notes tendered. Accrued and unpaid interest will be paid on all notes validly tendered and accepted for purchase from the last interest payment date up to, but not including, the final settlement date.
In connection with the tender offer, Howmet solicited consents from holders of the notes to amend some provisions of the indenture governing the notes to, among other things, eliminate substantially all of the restrictive covenants and some events of default applicable to the notes.
Neither of the tender offers will be subject to proration.
J.P. Morgan Securities LLC (212 834-3424 or 866 834-4666) was the lead dealer manager and solicitation agent and Global Bondholder Services Corp. (212 430-3774, 866 470-4300 or contact@gbsc-usa.com) was the tender and information agent.
Pittsburgh-based Howmet is a global provider of advanced engineered solutions for the aerospace and transportation industries.
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