Business Wire·Sep 9, 2026, 5:23 PM ET

Alcoa Corporation Announces Pricing of Debt Offering to Finance Cash Consideration for Acquisition of South32’s Bauxite, Alumina and Aluminum Assets

Alcoa Corporation priced an offering of $2.6 billion in senior notes, comprising $1.5 billion of 6.625% notes due 2034 issued by Alumina Pty Ltd & $1.1 billion of 6.875% notes due 2036 issued by Alcoa Nederland Holding B.V.
Both issuers are wholly-owned subsidiaries of Alcoa, with the notes guaranteed on a senior unsecured basis by Alcoa & certain of its subsidiaries.
The note sale is expected to close on September 23, 2026, subject to customary closing conditions.
Proceeds from the notes, combined with cash on hand, will fund the $3.1 billion cash portion of Alcoa's acquisition of South32 Limited's bauxite, alumina, & aluminum smelter operations & pay related fees.
The financing is intended to provide permanent funding for the acquisition, allowing Alcoa to terminate outstanding commitments on its senior unsecured 364-day bridge term loan.
Completion of the acquisition remains subject to shareholder approval from South32, regulatory approvals, & other customary conditions.
The notes were sold via a private placement to qualified institutional buyers under Rule 144A & to non-U.S. persons under Regulation S, without registration under the Securities Act of 1933.
The acquisition was initially announced via an Umbrella Implementation Deed dated June 30, 2026, & Alcoa filed a Registration Statement on Form S-4 on September 1, 2026.
The press release includes standard forward-looking statements & risk factors regarding the acquisition, market conditions, regulatory approvals, & potential integration challenges.