- Howmet Aerospace (NYSE:HWM +2.9%) commenced a cash tender offer to purchase a portion of its outstanding 5.40% Notes due 2021 for an aggregate purchase price of up to $500M.
- Howmet Aerospace is soliciting consents from holders of the notes to amend certain provisions of the indenture governing the notes. The offer and consent solicitation will expire at 12:01 a.m., New York City time, on May 20, 2020.
- Holders to receive early tender premium for the notes of $50.00 per $1,000 principal amount of notes tendered, if they validly tender their notes and deliver their consents prior to 5:00 p.m., New York City time, on May 5, 2020.
- Company intends to fund the tender offer with net proceeds from one or more debt financings.