---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-010382"
form_type: "8-K"
ticker: "AA"
cik: "0001675149"
company_name: "Alcoa Corp"
filed_at: "2024-01-19T23:59:59+00:00"
generated_at: "2026-06-06T21:20:24.980542+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Alcoa amends credit facility: lowers interest coverage ratio to 3.00x for 2024, adds collateral

## Summary
- Temporarily reduces minimum interest coverage ratio to 3.00:1.00 from 4.00:1.00 for 2024 fiscal year.
- Increases maximum addback for cash restructuring charges in EBITDA to $450M through 2024 (reverts to 15% on Jan 1, 2025).
- Company agrees to provide first-priority security interest in substantially all assets; collateral released if credit ratings improve post-Jan 1, 2025.
- Total commitments remain $1.25 billion; lenders received 0.05% fee for amendments.

## SEC filing metadata
- accession: 0001193125-24-010382
- form_type: 8-K
- ticker: AA
- cik: 0001675149
- company_name: Alcoa Corp
- filed_at: 2024-01-19T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1675149/000119312524010382/0001193125-24-010382-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1675149/000119312524010382/d701083d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-010382
- JSON: https://secwatch.observer/filing/0001193125-24-010382.json
- Plain text: https://secwatch.observer/filing/0001193125-24-010382.txt

## Key facts
- Debt Financings
  Alcoa Corp amended revolving credit of $1.25 billion in commitments with JPMorgan Chase Bank, N.A., as administrative agent at minimum interest coverage ratio reduced from 4.00 to 1.00 to 3.00 to 1.00 for 20.
  - Instrument: revolving credit
  - Principal: $1.25 billion in commitments
  - Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
  - Rate: minimum interest coverage ratio reduced from 4.00 to 1.00 to 3.00 to 1.00 for 20
  - Event: amendment
  source text: The aggregate amount of commitments under the Amended Revolving Credit Agreement remains at $1.25 billion.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1675149/000119312524010382/0001193125-24-010382-index.htm
- Material Agreements
  Alcoa Corp amended Amendment No. 1 with syndicate of lenders and issuers and JPMorgan Chase Bank, N.A., as administrative agent (effective 2024-01-17).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: syndicate of lenders and issuers and JPMorgan Chase Bank, N.A., as administrative agent
  - Effective: 2024-01-17
  source text: On January 17, 2024, Alcoa Corporation (the “Company”), Alcoa Nederland Holding B.V., a wholly owned subsidiary of the Company (the “Borrower”), and certain subsidiaries of the Company, entered into Amendment No. 1 ( “Amendment No. 1”) to the Revolving Credit Agreement, dated as of September 16, 2016, as amended as of October 26, 2016, as amended and restated as of November 14, 2017, as amended and restated as of November 21, 2018, as amended as of August 16, 2019, as amended as of April 21, 2020, as amended as of June 24, 2020, as amended as of March 4, 2021 and as amended and restated as of June 27, 2022 (the “Original Revolving Credit Agreement”), in each case, with a syndicate of lenders and issuers named therein, and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”) for the lenders and issuers.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1675149/000119312524010382/0001193125-24-010382-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.