Published on 7/8/2020 in the Prospect News High Yield Daily.
New Issue: Alcoa Nederland prices upsized $750 million 7.5-year notes at par to yield 5½%
By Paul A. Harris
Portland, Ore., July 8 – Alcoa Corp. priced an upsized $750 million issue of 7.5-year senior notes (Ba1/BB+) at par to yield 5½% in a Wednesday drive-by, according to market sources.
Joint lead bookrunners were J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC. Joint bookrunners were ABN Amro Inc., BBVA Securities Inc., BNP Paribas Securities Corp., BofA Securities Inc., Bradesco, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, MUFG, SMBC Nikko Securities America Inc. and SunTrust Robinson Humphrey Inc.
The yield printed 12.5 basis points through price talk in the 5¾% area.
The notes were sold via Alcoa Nederland Holding BV.
The Pittsburgh-based aluminum producer plans to use the proceeds for general corporate purposes.
| Issuer: | Alcoa Nederland Holding BV
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| Amount: | $750 million, increased from $500 million
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| Maturity: | Dec. 15, 2027
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| Securities: | Senior notes
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| Joint lead bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC
|
| Joint bookrunners: | ABN Amro Inc., BBVA Securities Inc., BNP Paribas Securities Corp., BofA Securities Inc., Bradesco, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, MUFG, SMBC Nikko Securities America Inc. and SunTrust Robinson Humphrey Inc.
|
| Coupon: | 5½%
|
| Price: | Par
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| Yield: | 5½%
|
| Spread: | 502 bps
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| Call protection: | Three years
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| Trade date: | July 8
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| Settlement date: | July 13
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| Ratings: | Moody’s: Ba1
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| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% area
|
| Marketing: | Drive-by
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