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Alcoa accepts tenders for 48.66% of 5.375% notes, 43.67% of 6% notes
By Jennifer Chiou
New York, May 13 - Alcoa Inc. announced at the close of its tender offer that it received and accepted overall tenders for $269,031,000, or 48.66%, of its $552,933,000 of 5.375% notes due 2013 in addition to $327,537,000, or 43.67%, of its $750 million of 6% notes due 2013.
The offer ended at 5 p.m. ET on May 12.
Alcoa began the tender on April 13. It previously changed the cap in the offer for the 6% notes, which originally was $750 million in cash less the total purchase price of the 5.375% notes accepted for purchase. After the revision, Alcoa was open to accepting any and all of the 5.375% notes and up to $400 million of the 6% notes.
As of 5 p.m. ET on April 28, the company had received tenders for $319.94 million of the 6% notes and $253,545,000 of the 5.375% notes. April 28 had been the early tender date before that deadline was extended to coincide with the expiration of the offer.
For each $1,000 principal amount, the purchase price was $1,073.75 for the 5.375% notes and $1,100.00 for the 6% notes. The total amounts included a $20.00 early tender premium.
Because the early tender date was extended, holders who tendered by the expiration time were entitled to the early tender premium.
Alcoa also paid accrued interest up to but excluding the settlement date.
The coordinating dealer managers for the tender offers were 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) was the dealer manager.
The information agent was Global Bondholder Services Corp. (866 804-2200). The Luxembourg agent for the 5.375% notes offer was Deutsche Bank Luxembourg SA (00352-421-22-643).
Alcoa is an aluminum company based in Pittsburgh.
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