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Arconic on roadshow for $400 million eight-year secured notes whispered low 7% area
By Paul A. Harris
Portland, Ore., Jan. 28 – Arconic Inc. started a roadshow on Monday in New York for a $400 million offering of eight-year second-lien secured notes, market sources say.
Initial guidance has the Rule 144A and Regulation S for life deal coming to yield in the low 7% area, according to a bond trader.
The roadshow timetable has the deal being presented in New York and New Jersey on Wednesday, Boston on Thursday and Los Angeles on Friday.
The offer is scheduled to price on Feb. 6.
Goldman Sachs & Co. LLC is the left bookrunner. J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are the joint bookrunners.
ABN Amro Inc., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Fifth Third Securities Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC, SMBC Nikko Securities America Inc., SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc. are the senior managers.
Citizens Capital Markets Inc., Huntington Capital Markets, ICBC Standard Bank plc, ING Financial Markets LLC, Nomura, Siebert Williams Shank & Co. LLC and Standard Chartered Bank are the co-managers.
The notes become callable after three years at par plus 50% of the coupon.
The Pittsburgh-based company plans to use the proceeds in connection with Arconic’s previously announced plan to separate into two stand-alone, publicly traded companies, and for general corporate purposes.
The issuing entity is Arconic Rolled Products Corp., which is a wholly owned subsidiary of Arconic, a producer of aluminum sheet and plate products for the aerospace, automotive, commercial transportation, brazing and industrial markets.
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