Alcoa (NYSE:AA) decided to refinance some of its debt by issuing $1 billion in notes.
Yielding 6.15 percent, the notes will be due in August 2020 and will replace existing notes due from 2011 to 2013.
After expenses, Alcoa expects to finish the offering with $993 million.
Including cash on hand, they will use it to fund the acquisition of its current notes.
Bookrunners on the notes offering are Bank of America Securities LLC (NYSE:BAC), Citigroup Global Markets Inc. (NYSE:C), Deutsche Bank Securities Inc. (NYSE:DB) and UBS Securities LLC (NYSE:UBS).
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