secwatch.observer — SEC 8-K summary
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Issuer:     Alcoa Corp (AA)
CIK:        0001675149
Form:       8-K
Filed at:   2024-01-19T23:59:59+00:00
Accession:  0001193125-24-010382
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1675149/000119312524010382/0001193125-24-010382-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1675149/000119312524010382/d701083d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-010382

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