Howmet Aerospace closes $500M 4.85% notes due 2031, redeems $577M higher-coupon notes

Howmet Aerospace Inc.

Closed $500M offering of 4.850% notes due Oct 15, 2031; proceeds used to redeem 6.875% notes due 2025.
Entered cross-currency swap converting notes to ~€458M liability at fixed ~3.72% per annum.
Expects to complete redemption of $577M of 6.875% notes due May 2025 on Aug 23, 2024 at ~$594M including accrued interest.
Expects reduction in annual interest expense of approximately $21M from these actions.

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