Howmet Aerospace enters into $1B revolving credit facility and announces $200M note redemption

Howmet Aerospace Inc.

Howmet entered a $1B senior unsecured revolving credit facility maturing July 27, 2028, replacing existing credit agreement.
The facility has a $500M letter of credit sublimit and allows two one-year extension options.
Current interest margins on SOFR loans are 1.325% (Category 4 rating); facility fee is 0.175% of total commitment.
Howmet will redeem $200M of its 5.125% Notes due 2024 on September 28, 2023, with an expected payment of ~$205M using cash on hand.
The partial redemption reduces outstanding 2024 Notes from ~$905M to ~$705M.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Howmet Aerospace Inc. entered into Second Amended and Restated Five-Year Revolving Credit Agreement with Citibank, N.A., as administrative agent, and JPMorgan Chase Bank, N.A., as syndication agent valued at $1 billion senior unsecured revolving credit facility (effective 2023-07-27).

Action: entry
Agreement: credit facility
Counterparty: Citibank, N.A., as administrative agent, and JPMorgan Chase Bank, N.A., as syndication agent
Value: $1 billion senior unsecured revolving credit facility
Effective: 2023-07-27

Exact text from the filing

On July 27, 2023, Howmet Aerospace Inc. (“ Howmet Aerospace ” or the “ Company ”) entered into the Second Amended and Restated Five-Year Revolving Credit Agreement (the “ Credit Agreement ”) by and among the Company, a syndicate of lenders and issuers named therein, Citibank, N.A., as administrative agent for the lenders and issuers, and JPMorgan Chase Bank, N.A., as syndication agent.

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Howmet Aerospace Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-085841

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