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FINWIRES

Alcoa Prices Nearly $3 Billion Senior Notes

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Alcoa (ASX:AAI) priced a $2.6 billion senior notes offering to help finance its proposed $3.1 billion cash acquisition of South32's (ASX:S32) interests in bauxite, alumina, and aluminum operations, according to a Thursday statement by the company.

The notes consist of $1.5 billion of 6.625% notes due 2034 and $1.1 billion of 6.875% notes due 2036, per the statement.

The company said it expects to use the proceeds, together with cash on hand, for permanent acquisition financing and terminate its remaining bridge-loan commitments once the offering closes.

The transaction is expected to close on Sept. 23, subject to customary conditions, while the acquisition remains subject to South32 shareholder and regulatory approvals, the company added.

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