Alcoa closes $2.6 billion senior notes sale to help fund South32 asset acquisition
Alcoa's subsidiaries completed a $2.6 billion private sale of senior notes due 2034 and 2036, with proceeds and cash on hand intended to fund the approximately $3.1 billion cash portion of the proposed South32 bauxite, alumina and aluminum smelter acquisition. The notes must be redeemed at 100% of principal plus accrued interest if the acquisition is not completed by the Special Mandatory Redemption End Date, which is at least June 29, 2027, and the company terminated its 364-day bridge loan commitments for the deal.
Key points
- $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.
- Proceeds plus cash on hand are intended to fund the approximately $3.1 billion cash portion of the South32 acquisition and related fees and expenses.
- If the acquisition is not completed by June 29, 2027, or a later date under the Deed, the notes must be redeemed at 100% of principal plus accrued interest.
- Concurrently with the notes closing, Alcoa terminated all remaining commitments under its 364-day senior unsecured bridge term loan facility.
The filing
Written by AI on Nov 8, 2026, 12:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 23, 2026.
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