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March 8, 2021, 7:35 a.m. EST

Alcoa to offer $500 million of bonds

Alcoa Corp. (NYS:AA) said Monday it is planning to offer $500 million of bonds through its Alcoa Nederland Holding V.V. subsidiary. The timing of pricing and terms of the notes will be determined based on market conditions and other factors, the aluminum company said in a statement. Proceeds will be used together with cash on hand to contributed about $500 million to U.S. defined benefit pension plans applicable to salaried and hourly employees and to redeem in full the outstanding 6.75% Senior Notes due 2024. Shares were up 0.4% premarket and have gained 163% in the last 12 months, while the S&P 500 (S&P:SPX) has gained 29%.

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