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Alcoa gets tenders for $253.55 million 5.375% notes so far, extends early tender deadline
By Susanna Moon
Chicago, April 21 - Alcoa Inc. had received tenders for $253,545,000, or 45.85%, of its $552,933,000 of 5.375% notes due 2013 as of the early deadline at 5 p.m. ET on April 20, according to a company news release.
Tender offers for the 5.375% notes and the company's $750 million of 6% notes due 2013 began April 13.
The company extended the early tender deadline for the 5.375% notes to coincide with the expiration of the offers at 5 p.m. ET on May 12.
The company is offering to buy any and all of the 5.375% notes. The amount of 6% notes purchased is subject to a cap that will be the lesser of (a) $400 million and (b) $750 million less the total purchase price of the 5.375% notes.
Withdrawal rights for the 5.375% notes expired at 5 p.m. ET on April 20.
For each $1,000 principal amount, the purchase price is $1,073.75 for the 5.375% notes and $1,100.00 for the 6% notes. The total amounts include an early tender premium of $20.00 for 5.375% notes tendered by the expiration time and for 6% notes tendered by the early tender date.
Alcoa will also pay accrued interest up to but excluding the settlement date.
Settlement for the early tenders was expected to occur on April 21.
The company began an underwritten public offering of senior debt securities and will use the proceeds to fund the tender offers. The tender offers are conditioned on Alcoa receiving sufficient financing.
Alcoa sold $1.25 billion of 10-year senior notes on April 13.
The coordinating dealer managers for the tender offers are Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424), and Morgan Stanley & Co. Inc. (800 624-1808 or 212 761-1057) is the dealer manager.
The information agent is Global Bondholder Services Corp. (866 804-2200). The Luxembourg agent for the 5.375% notes offer is Deutsche Bank Luxembourg SA (00352-421-22-643).
Alcoa is an aluminum company based in Pittsburgh.
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