Alcoa Prices $2.6B Debt Offering for Buyout

Alcoa Corporation priced an offering of $2.6 billion in aggregate principal amount of senior notes on September 9, 2026. The issue consists of two tranches sold by wholly owned subsidiaries and guaranteed on a senior unsecured basis by Alcoa and select subsidiaries.

The transaction includes $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. The sale of the notes is scheduled to close on September 23, 2026, subject to standard conditions.

Alcoa plans to use the net proceeds together with cash on hand to fund the approximately $3.1 billion cash portion of its acquisition of South32 Limited's interests in bauxite, alumina, and aluminum smelter operations, as well as related fees and expenses.

The proceeds are intended to establish permanent financing for the deal. Once completed, Alcoa expects to terminate its outstanding commitments under a 364-day senior unsecured bridge facility. The acquisition remains subject to South32 shareholder approval, regulatory clearances, and other customary closing conditions.