Summary
This Form 8-K filing from Alcoa Inc. (now Howmet Aerospace Inc.) on May 24, 2013, announces the company's decision to redeem all of its outstanding 6.00% Notes due July 15, 2013. The total principal amount of these notes is approximately $422.46 million. The redemption is scheduled for June 28, 2013. Investors holding these notes should note the redemption price calculation, which will be the greater of 100% of the principal plus accrued interest, or a calculated present value based on U.S. Treasury rates plus a spread, plus accrued interest. The filing also includes standard forward-looking statement disclaimers, warning that actual results could differ materially from expectations due to various market and economic risks. For investors in Alcoa's debt securities, this action signifies a proactive approach to managing its debt obligations and capital structure.
Key Highlights
- 1Alcoa Inc. announced the redemption of all outstanding 6.00% Notes due July 15, 2013.
- 2The aggregate principal amount of the notes to be redeemed is $422,463,000.
- 3The redemption date is scheduled for June 28, 2013.
- 4The redemption price will be the greater of par value plus accrued interest or a calculated present value plus accrued interest.
- 5The calculation of the present value includes a reference rate for a comparable U.S. Treasury security plus 45 basis points.
- 6The filing includes standard forward-looking statement cautionary language.