Alcoa plans to price $500 million 10-year notes in Monday drive-by; early guidance 6˝% area

By Paul A. Harris

Portland, Ore., May 14 – Alcoa Corp. plans to price a $500 million offering of 10-year senior notes (Ba2/BB) in a quick-to-market trade on Monday, according to a market source.

Early guidance has the deal coming with a yield in the 6˝% area.

J.P. Morgan Securities LLC is managing the Rule 144A and Regulation S notes sale.

The notes come with five years of call protection.

The Pittsburgh-based aluminum producer intends to issue the notes via its wholly owned subsidiary, Alcoa Nederland Holding BV, with proceeds to be used for general corporate purposes, including mandatory or discretionary contributions to Alcoa’s U.S. pension and other post-retirement benefit plans.

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