Alcoa Corporation (AA) subsidiaries Alumina Pty Ltd and Alcoa Nederland Holding B.V. completed offerings on September 23, 2026, of $1.5 billion of 6.625% senior notes due 2034 and $1.1 billion of 6.875% senior notes due 2036. Alcoa and certain subsidiaries guarantee the notes on a senior unsecured basis. At the issuers’ option, redemptions may begin September 30, 2029 for the 2034 notes and September 30, 2031 for the 2036 notes.
Net proceeds, together with cash on hand, are intended to fund the approximately $3.1 billion cash portion of consideration for Alcoa’s proposed acquisition of South32 Limited’s interests in bauxite, alumina and aluminum operations, and related fees and expenses. The acquisition remains subject to South32 shareholder approval, required regulatory approvals and customary closing conditions. If it is not completed by the later applicable Conditions Precedent End Date (initially June 29, 2027), or the Deed is terminated or Alcoa or an issuer notifies a trustee before completion that closing will not occur by then, each issuer must redeem its notes at 100% of initial issue price plus accrued and unpaid interest. Alcoa terminated all remaining commitments under its 364-day bridge term loan facility.
Alcoa Corporation (AA), through its wholly owned subsidiaries Alumina Pty Ltd and Alcoa Nederland Holding B.V., completed offerings of $2.6 billion aggregate principal amount of senior notes: $1.5 billion of 6.625% notes due 2034 and $1.1 billion of 6.875% notes due 2036. Alcoa and certain subsidiaries guarantee the notes on a senior unsecured basis.
The issuers intend to use the net proceeds, together with cash on hand, to fund the approximately $3.1 billion cash portion of the proposed acquisition of South32 Limited’s interests in certain bauxite, alumina and aluminum operations and to pay related fees and expenses. The acquisition remains subject to conditions, including South32 shareholder approval and regulatory approvals. Alcoa also terminated remaining commitments under the acquisition-related 364-day bridge term loan facility. If the acquisition is not completed by the applicable Special Mandatory Redemption End Date, or specified termination or non-completion conditions occur earlier, the issuers must redeem the notes at 100% of principal plus accrued and unpaid interest. The notes also carry restrictive covenants and customary events of default.
Alcoa Corp (AA) reported that executive vice president and general counsel Andrew Hastings had equity compensation events on September 15, 2026. A total of 2,638 shares of common stock were acquired as earned performance restricted stock units granted in 2023, while 2,525 shares and 1,200 shares were withheld by the issuer at $46.52 per share to satisfy Hastings’ tax obligations upon the vesting of restricted stock units and PRSUs. No Rule 10b5-1 trading plan is reported for these transactions.
Alcoa Corp (AA) discusses its proposed AliGroup acquisition of South32 Limited’s bauxite, alumina, and aluminum assets, described as the largest in the company’s history, with closing expected in the first half of 2027. The acquired portfolio includes a mine and refinery in Western Australia, full ownership of the Alumar smelter and refinery in Brazil, and the Hillside smelter in South Africa, all positioned as a strategic fit with Alcoa’s existing operations.
Management expects the assets to be immediately value-accretive and to increase annual capital expenditures by $350–$450 million on top of Alcoa’s existing outlook, including $750 million of CapEx in 2026 and $800 million annually for the next three years before returning to $750 million. Alcoa estimates $900 million in net present value synergies, with about $50 million per year of procurement, logistics, and commercial synergies targeted within 12 months of closing, followed by process-technology improvements over two to three years and longer-term mine-planning benefits in Western Australia. Alcoa also outlines ongoing regulatory approval processes in South Africa, the United States, Australia, the European Union, and Brazil.
Alcoa Corporation (AA) is pursuing a transformative acquisition of South32 Limited’s bauxite, alumina and aluminum assets under an Umbrella Implementation Deed, with South32 shareholders to vote on the sale at a general meeting on October 15, 2026. The package values the business at up to US$5.6 billion, comprising US$3.1 billion in cash, about US$1.0 billion in Alcoa equity (17,008,960 new shares/CDIs), up to US$750 million of price-linked contingent cash through 2030, and about US$750 million of net debt and leases assumed. Alcoa will also assume roughly US$1.1 billion of rehabilitation liabilities. South32’s board unanimously supports the deal, and an independent expert deems the disposal fair and reasonable in the absence of a superior proposal. The transaction is expected to simplify South32 into a base-metals‑focused group, while Alcoa targets synergies and earnings and free cash flow accretion; completion remains subject to regulatory and shareholder approvals. Alcoa has an effective Form S‑4 registration statement and warns extensively about execution, market, financing, regulatory and integration risks.
Alcoa Corporation (AA) reports that South32 Limited has convened a shareholder meeting to vote on selling its interests in several bauxite, alumina and aluminum operations (including Worsley Alumina, Hillside Aluminium and interests in MRN and Alumar) to Alcoa under a June 30, 2026 Umbrella Implementation Deed.
The proposed consideration implies enterprise value of up to US$5.6 billion, comprising US$3.1 billion cash, US$1.0 billion in Alcoa equity (17,008,960 Alcoa shares/CDIs), up to US$750 million contingent price-linked payments to 2030, and about US$750 million of net debt and lease liabilities assumed, plus approximately US$1.1 billion of rehabilitation liabilities taken on by Alcoa.
South32’s board unanimously recommends approval, and an independent expert views the disposal as fair and reasonable. Following completion, expected in the first half of 2027 subject to conditions, South32 plans to distribute at least half of the Alcoa equity it receives to its own shareholders via an in-specie fully franked special dividend and to reposition as a base-metals-focused company, while Alcoa would integrate the acquired assets into its portfolio.
Alcoa Corporation (AA) announced the pricing of a private offering of $2.6 billion in senior notes to help fund the cash consideration for its proposed acquisition of South32’s bauxite, alumina and aluminum assets. The offering consists of $1.5 billion of 6.625% Senior Notes due 2034 to be issued by Alumina Pty Ltd and $1.1 billion of 6.875% Senior Notes due 2036 to be issued by Alcoa Nederland Holding B.V., both wholly owned subsidiaries.
The notes will be guaranteed on a senior unsecured basis by Alcoa and certain subsidiaries, with closing expected on September 23, 2026, subject to customary conditions. Net proceeds, together with cash on hand, are intended to fund the approximately $3.1 billion cash portion of the South32 acquisition and related fees, and to provide permanent financing, after which Alcoa expects to terminate remaining commitments under its 364-day bridge term loan facility.
Alcoa Corp (AA) announced that wholly owned subsidiaries Alumina Pty Ltd and Alcoa Nederland Holding B.V. have priced a private offering of $2.6 billion aggregate principal amount of senior notes to help finance the cash consideration for Alcoa’s proposed acquisition of certain South32 bauxite, alumina and aluminum assets.
The offering consists of $1.5 billion of 6.625% Senior Notes due 2034 issued by Alumina Pty Ltd and $1.1 billion of 6.875% Senior Notes due 2036 issued by Alcoa Nederland Holding B.V., each guaranteed on a senior unsecured basis by Alcoa and certain subsidiaries. Closing is expected on September 23, 2026, and the net proceeds, together with cash on hand, are intended to fund approximately $3.1 billion of cash consideration for the South32 asset acquisition and related fees and expenses, and to provide permanent financing so Alcoa expects to terminate remaining commitments under its 364‑day bridge term loan facility upon completion of the offering. Completion of the acquisition remains subject to South32 shareholder approval, required regulatory approvals, and other customary conditions.
Alcoa Corporation (AA) is arranging permanent financing for its proposed acquisition of South32’s AliGroup assets by offering $2.6 billion of senior notes through wholly owned subsidiaries, Alumina Pty Ltd and Alcoa Nederland Holding B.V., in a private Rule 144A/Reg S placement.
The net proceeds, together with cash on hand, are intended to fund the roughly $3.1 billion cash portion of the AliGroup purchase and related fees, replacing a committed 364‑day bridge facility. Pro forma for the deal, 2025 sales would have been about $16.6 billion with net income of $1.18 billion, and total debt about $5.42 billion, compared with historical 2025 sales of $12.8 billion, net income of $1.16 billion, and debt of $2.66 billion.
Alcoa Corporation (AA) announced a proposed private offering of $2.6 billion aggregate principal amount of senior notes, to be issued by wholly owned subsidiaries Alumina Pty Ltd (2034 notes) and Alcoa Nederland Holding B.V. (2036 notes), and guaranteed by Alcoa and certain subsidiaries. Net proceeds, together with cash on hand, are intended to fund the approximately $3.1 billion cash portion of Alcoa’s pending acquisition of South32’s bauxite, alumina and aluminum smelter assets (AliGroup) and related fees, providing permanent financing and allowing termination of a previously arranged bridge facility.
Updated unaudited pro forma figures combining Alcoa and AliGroup show 2025 sales of $16.6 billion and net income of $1.18 billion, with LTM June 30 2026 sales of $17.4 billion and net income of $1.48 billion. Pro forma total debt is $5.42 billion, versus Alcoa’s historical $2.23 billion, and pro forma LTM Adjusted EBITDA is $3.07 billion (or $3.15 billion excluding special items), compared with Alcoa’s standalone LTM Adjusted EBITDA of $2.21 billion.