Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Arconic Corp. > News item |
Arconic eyes $1.63 billion debt backing buyout by Apollo, Irenic
By Paul A. Harris
Portland, Ore., July 17 – Arconic Corp. telegraphed $1.625 billion of debt offerings as it announced the launch of a $1 billion term loan on Monday, according to market sources.
The debt will come in a $900 million secured tranche and a $725 million unsecured tranche.
The loan, to be taken out by borrowing entity Arsenal AIC Parent LLC, is set to kick off on a Tuesday lender call via arrangers JPMorgan, Wells Fargo, Apollo, BMO, Mizuho, TD, Citigroup, Citizens, Fifth Third and Truist, with commitments due Aug. 1.
Proceeds plus $2.3 billion of common equity will be used to fund the acquisition of Arconic, a Pittsburgh-based provider of aluminum architectural products, by Apollo Global Management and Irenic.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.