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Alcoa to redeem outstanding 6¾% senior notes due 2024
By Taylor Fox
New York, March 8 – Alcoa Corp. plans to fully redeem its $750 million outstanding 6¾% senior notes due 2024 with proceeds from a proposed offering of $500 million senior notes and cash on hand, according to a news release.
The notes will be redeemed on the 30th day following the notice of redemption at 103.375 plus interest.
The proceeds will also be used, with cash, to contribute $500 million to affiliate U.S. defined benefit pension plans applicable to salaried and hourly employees.
Alcoa is a Pittsburgh-based aluminum producer.
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