Howmet Aerospace Inc. (HWM): debt financing — Howmet secures $200M USD and ¥33B JPY term loans, redeems $500M 5.125% notes due 2024

Howmet Aerospace Inc.

Entered $200M USD and ¥33B JPY senior unsecured term loans maturing Nov 22, 2026.
Redeeming $500M of 5.125% Notes due 2024 on Dec 28, 2023 at expected price ~$506M.
Redemption funded by new credit facilities and cash on hand; intends to fix floating rates via swaps.
Loans bear floating rates with margins based on credit ratings (current: 1.750% Term SOFR, 1.750% JPY).
Leverage covenant requires Consolidated Net Debt/EBITDA ≤3.75x.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

Howmet Aerospace Inc. incurred term loan of $200 million and ¥33 billion with Truist Bank (as administrative agent) on USD facility; Sumitomo Mitsui Banking Corporation (as administrative agent) on JPY facility at USD Credit Facility: base rate or Term SOFR plus adjustment, plus applicable mar maturing November 22, 2026.

Instrument: term loan
Principal: $200 million and ¥33 billion
Counterparty: Truist Bank (as administrative agent) on USD facility; Sumitomo Mitsui Banking Corporation (as administrative agent) on JPY facility
Rate: USD Credit Facility: base rate or Term SOFR plus adjustment, plus applicable mar
Maturity: November 22, 2026
Event: incurrence

Exact text from the filing

among the Company, a syndicate of lenders named therein, and Sumitomo Mitsui Banking Corporation, as administrative agent for the lenders. The USD Term Loan Agreement provides a $200 million senior unsecured delayed draw term loan facility (the “ USD Credit Facility ”) that matures on November 22, 2026, unless earlier terminated in accordance with the provisions of

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Source: SEC EDGAR

accession 0001104659-23-121269

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