PITTSBURGH--(BUSINESS WIRE)--Arconic Corp. (NYSE: ARNC) announced today that it closed its offering of first lien notes in the aggregate principal amount of $700 million at 6.000% interest per annum, with a maturity date of May 15, 2025.

The Company also replaced its cash flow revolver with a new asset-based credit facility with aggregate commitments of $800 million. Deutsche Bank AG New York Branch is Administrative Agent for the ABL Facility. Availability under the ABL Facility is subject to a borrowing base calculation generally based upon a set percentage of eligible accounts receivable and inventory, less customary reserves.

Chief Executive Officer Tim Myers said, “This recapitalization provides us with the right capital structure for our Company moving forward. Demand for the Notes and participation in the ABL Facility was exceptionally strong, and as a result, we were able to upsize the recapitalization from $1.35 billion to $1.5 billion in the aggregate without any increase to pricing.”

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.