Exhibit 99.1
FOR IMMEDIATE RELEASE
| | | | |
Investor Contact | | | | Media Contact |
James Dwyer | | | | Jim Beck |
412-992-5450 | | | | 412-315-2909 |
James.Dwyer@alcoa.com | | | | Jim.Beck@alcoa.com |
Alcoa Corporation Amends and Restates
Revolving Credit Agreement
PITTSBURGH,November 26, 2018 — Alcoa Corporation (NYSE: AA), a global leader in bauxite, alumina, and aluminum products, today announced that it entered into an amended and restated $1.5 billion revolving credit agreement on November 21, 2018.
This amended and restated revolving credit agreement, among other things:
| | • | | Extends the maturity date of the credit facility from November 14, 2022 to November 21, 2023; |
| | • | | Permits release of the collateral should the Company achieve an investment grade rating with a stable outlook or better; |
| | • | | Decreases the applicable interest rate margin on Libor and base rate loans, and subjects them to further decreases for so long as the Company has an investment grade rating; and |
| | • | | Provides additional flexibility for the Company to make restricted payments, to make investments, and to incur indebtedness. |
“Our ability to successfully amend our revolving credit agreement reflects Alcoa’s improving financial profile,” said William Oplinger, Executive Vice President and Chief Financial Officer. “We look forward to continuing to strengthen the Company to gain even greater flexibility in the future.”
JPMorgan Chase Bank serves as the administrative agent.
Dissemination of Company Information
Alcoa Corporation intends to make future announcements regarding company developments and financial performance through its website atwww.alcoa.com.
About Alcoa Corporation
Alcoa is a global industry leader in bauxite, alumina, and aluminum products, built on a foundation of strong values and operating excellence dating back 130 years to the world-changing discovery that made aluminum an affordable and vital part of modern life. Since developing the aluminum industry, and throughout our history, our talented Alcoans have followed on with breakthrough innovations and best practices that have led to efficiency, safety, sustainability, and stronger communities wherever we operate.
Forward-Looking Statements
This press release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning. All statements that reflect the Company’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances
