Howmet Aerospace Inc. Announces Pricing of Debt Offering
08 Agosto 2024 - 3:32PM
Business Wire
Howmet Aerospace Inc. (“Howmet Aerospace” or the “Company”)
(NYSE:HWM) today announced that it has priced its underwritten
public offering of $500 million aggregate principal amount of its
4.850% Notes due 2031 (the “Notes”). The offering is expected to
close on August 22, 2024, subject to customary closing
conditions.
The Company intends to use the net proceeds from the offering,
together with cash on hand, for the redemption of all of the
outstanding principal amount of approximately $577 million of its
6.875% Notes due 2025.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc.,
Morgan Stanley & Co. LLC and SMBC Nikko Securities America,
Inc. are acting as joint book-running managers for the
offering.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the Notes or any other security and
shall not constitute an offer, solicitation or sale in any state or
jurisdiction in which, or to any persons to whom, such an offer,
solicitation or sale would be unlawful. The Notes are being offered
pursuant to an effective shelf registration statement previously
filed with the Securities and Exchange Commission (the “SEC”), and
a prospectus supplement and accompanying prospectus filed with the
SEC as part of the shelf registration statement. The offering is
being made only by means of a preliminary prospectus supplement and
the accompanying prospectus. Copies of these documents can be
obtained by calling J.P. Morgan Securities LLC collect at (212)
834-4533, Citigroup Global Markets Inc. toll-free at (800)
831-9146, Morgan Stanley & Co. LLC toll-free at (866) 718-1649
or SMBC Nikko Securities America, Inc. toll-free at (888) 868-6856
or by email at prospectus@smbcnikko-si.com.
About Howmet Aerospace
Howmet Aerospace Inc., headquartered in Pittsburgh,
Pennsylvania, is a leading global provider of advanced engineered
solutions for the aerospace and transportation industries. The
Company’s primary businesses focus on jet engine components,
aerospace fastening systems, and airframe structural components
necessary for mission-critical performance and efficiency in
aerospace and defense applications, as well as forged aluminum
wheels for commercial transportation.
Forward-Looking Statements
This 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", "envisions",
"estimates", "expects", "forecasts", "goal", "guidance", "intends",
"may", "outlook", "plans", "projects", "seeks", "sees", "should",
"targets", "will", "would", or other words of similar meaning. All
statements that reflect Howmet Aerospace’s expectations,
assumptions or projections about the future, other than statements
of historical fact, are forward-looking statements, including,
without limitation, statements, forecasts and outlook relating to
the timing and terms of the offering and the use of proceeds
therefrom; the condition of end markets; future financial results
or operating performance; future strategic actions; Howmet
Aerospace's strategies, outlook, and business and financial
prospects; and any future dividends, debt issuances, debt reduction
and repurchases of its common stock. These statements reflect
beliefs and assumptions that are based on Howmet Aerospace’s
perception of historical trends, current conditions and expected
future developments, as well as other factors Howmet Aerospace
believes are appropriate in the circumstances. Forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties and changes in circumstances that are
difficult to predict, which could cause actual results to differ
materially from those indicated by these statements. Such risks and
uncertainties include, but are not limited to: (a) deterioration in
global economic and financial market conditions generally; (b)
adverse changes in the markets served by Howmet Aerospace; (c) the
impact of potential cyber attacks and information technology or
data security breaches; (d) the loss of significant customers or
adverse changes in customers’ business or financial conditions; (e)
manufacturing difficulties or other issues that impact product
performance, quality or safety; (f) inability of suppliers to meet
obligations due to supply chain disruptions or otherwise; (g)
failure to attract and retain a qualified workforce and key
personnel, labor disputes or other employee relations issues; (h)
the inability to achieve anticipated or targeted revenue growth,
cash generation, restructuring plans, cost reductions, improvement
in profitability, or strengthening of competitiveness and
operations; (i) inability to meet increased demand, production
targets or commitments; (j) competition from new product offerings,
disruptive technologies or other developments; (k) geopolitical,
economic, and regulatory risks relating to Howmet Aerospace’s
global operations, including geopolitical and diplomatic tensions,
instabilities, conflicts and wars, as well as compliance with U.S.
and foreign trade and tax laws, sanctions, embargoes and other
regulations; (l) the outcome of contingencies, including legal
proceedings, government or regulatory investigations, and
environmental remediation, which can expose Howmet Aerospace to
substantial costs and liabilities; (m) failure to comply with
government contracting regulations; (n) adverse changes in discount
rates or investment returns on pension assets; and (o) the other
risk factors summarized in Howmet Aerospace’s Form 10-K for the
year ended December 31, 2023 and other reports filed with the SEC.
Market projections are subject to the risks discussed above and
other risks in the market. Credit ratings are not a recommendation
to buy or hold any Howmet Aerospace securities, and they may be
revised or revoked at any time at the sole discretion of the credit
rating organizations. The statements in this release are made as of
the date of this release, even if subsequently made available by
Howmet Aerospace on its website or otherwise. Howmet Aerospace
disclaims any intention or obligation to update publicly any
forward-looking statements, whether in response to new information,
future events, or otherwise, except as required by applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240808607735/en/
Investor Contact: Paul T. Luther (412) 553-1950
Paul.Luther@howmet.com
Media Contact: Rob Morrison (412) 553-2666
Rob.Morrison@howmet.com
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