Alcoa to swap $1.5 billion in notes |
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Published
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Tue, 23 Jan 2007 16:26
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NEW YORK (AFX) - Aluminum maker Alcoa Inc. said Tuesday it plans to exchange up to $1.5 billion of old notes for up to $1.5 billion aggregate principal amount of new notes due 2019 and new notes due 2022.The swap involves up to $500 million of Alcoa's outstanding 7 3/8 percent notes due 2010, up to $500 million of its outstanding 6 1/2 percent notes due 2011 and up to $500 million of its outstanding 6 percent notes due 2012.The exchange offers are subject to a number of conditions including the issuance of at least $500 million principal amount of each series of new notes, Alcoa said.The exchange offers expire Feb. 20, unless extended or terminated earlier, the company said.Alcoa shares rose 23 cents to $31.40 in morning trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Alcoa announces buyback of 87M shares 