Alcoa announces $2.6B senior notes offering to fund South32 acquisition cash consideration

Alcoa Corp

$2.6B aggregate principal: $1.3B notes due 2034 (assumed 7.00%) and $1.3B due 2036 (assumed 6.75%) from subsidiaries Alumina Pty Ltd and Alcoa Nederland Holding B.V.
Proceeds plus cash on hand fund ~$3.1B cash portion of acquisition of South32's AliGroup (bauxite, alumina, aluminum assets); bridge loan commitments to be terminated.
Acquisition consideration also includes 17,008,960 Alcoa shares and contingent value right up to $750M based on alumina/aluminum prices.
Pro forma financials updated to reflect $2.6B notes and Sept 2, 2026 stock price; acquisition still subject to South32 shareholder and regulatory approvals.

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