Arconic cuts spread on $1.42 billion term loan B to SOFR plus 375 bps

By Sara Rosenberg

New York, Jan. 11 – Arconic Corp. reduced pricing on its $1.421 billion term loan B to SOFR plus 375 basis points from SOFR plus 400 bps, according to a market source.

As before, the term loan has a 0% floor, a par issue price and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to reprice an existing term loan B down from SOFR plus 450 bps with a 0% floor.

Arconic is a Pittsburgh-based provider of aluminum sheet, plate and extrusions as well as architectural products.

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