Alcoa Corporation announced a proposed $2.6 billion offering of senior notes due in 2034 and 2036 to fund the approximately $3.1 billion cash portion of its acquisition of South32 Limited’s bauxite, alumina, and aluminum smelter operations (AliGroup). The net proceeds, combined with cash on hand, will provide permanent financing for the transaction and allow Alcoa to terminate commitments under its existing 364-day bridge term loan facility. The acquisition remains subject to shareholder approval from South32 and regulatory clearances. Alcoa operates in the global aluminum industry.
