|Bid||0.00 x 800|
|Ask||0.00 x 1000|
|Day's Range||22.26 - 24.00|
|52 Week Range||5.80 - 31.59|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 23, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||34.67|
Arconic Corporation (NYSE: ARNC) ("Arconic" or "the Company") announced today the pricing of its offering of an additional $300 million aggregate principal amount of the Company’s 6.125% Senior Secured Second-Lien Notes due 2028 (the "Additional Notes"). The Additional Notes will be issued at an offering price of 106.25% of the principal amount thereof, plus accrued interest from February 15, 2021. The sale of the Additional Notes is expected to be completed on March 3, 2021, subject to customary closing conditions.
Rating Action: Moody's assigns Ba3 rating to Arconic's 2nd lien senior secured notesGlobal Credit Research - 24 Feb 2021New York, February 24, 2021 -- Moody's Investors Service, ("Moody's") assigned a Ba3 rating to Arconic Corporation's (Arconic) new $300 million 2nd lien senior secured notes. All other ratings remain unchanged. Proceeds from the 2nd lien senior secured notes will be used to fund the annuitization of the company's U.S. qualified pension liabilities.Assignments:..Issuer: Arconic Corporation....Senior Secured Regular Bond/Debenture, Assigned Ba3 (LGD3)RATINGS RATIONALEMoody's views the transaction as leverage neutral with the increase in debt to be largely offset by the reduction in pension liabilities.
Aluminum panel maker Arconic Inc. said Wednesay it is offering an additional $300 million of its 6.125% senior secured second-lien notes that mature in 2028. Proceeds of the deal will be used for general corporate purposes, including to fund the annuitization of certain pension plan obligations, the company said in a statement. The notes will be offered in a private placement. Arconic shares were slightly higher premarket, but have fallen 23% in the year to date, while the S&P 500 has gained 3.3%.