PITTSBURGH--(BUSINESS WIRE)--Arconic Corp. (NYSE: ARNC) announced today the pricing of its offering of $700 million aggregate principal amount of 6.00% first lien notes due 2025. The sale of the Notes is expected to be completed on May 13, 2020, subject to customary closing conditions.

The Company also intends to replace its existing cash flow revolver with a new asset-based credit facility and has received commitments totaling over $750 million for the new ABL facility from the Company’s existing bank group. The Company intends to use the net proceeds from the offering, together with cash on hand, (i) to prepay in full the obligations outstanding under its senior secured first-lien term loan B facility, (ii) to prepay in full the obligations outstanding under its revolving credit facility and terminate in full the commitments thereunder, and (iii) for general corporate purposes. If the Notes closing occurs before the closing of the ABL facility, the Notes will be initially issued by a subsidiary of the Company and the net proceeds from the proposed offering will be held in escrow until the closing of the new ABL facility, at which point the Company will assume the obligations under the Notes. The Notes will be fully and unconditionally guaranteed, jointly and severally, by each of the Company’s wholly-owned domestic subsidiaries. Each of the Notes and the related guarantees will be secured on a first-priority basis by liens on certain assets of the Company and the guarantors and on a second-priority basis by certain other assets of the Company and the guarantors.

About Arconic Corporation

Arconic Corporation (NYSE: ARNC), headquartered in Pittsburgh, Pennsylvania, is a leading provider of aluminum sheet, plate and extrusions, as well as innovative architectural products, that advance the ground transportation, aerospace, industrial, packaging and building and construction markets.