Howmet in $700 Million Offering and Concurrent Debt Tender Offer

September 2, 2021

Cleary Gottlieb represented Howmet Aerospace Inc. (Howmet) in an offering of $700 million aggregate principal amount of its 3.000% notes due 2029.

The note offering priced on August 18, 2021, and closed on September 1, 2021.

The net proceeds of the note offering were used, along with cash on hand, to fund a concurrent tender offer for a portion of Howmet’s outstanding 6.875% notes due 2025. The tender offer launched on August 18, 2021, and Howmet purchased approximately $600 million aggregate principal amount of those outstanding notes at early settlement of the tender offer on September 2, 2021. The note offering satisfied the financing condition for the tender offer.

Howmet is a leading global provider of advanced engineered solutions for the aerospace and transportation industries. Its primary businesses focus on jet engine components, aerospace fastening systems, and titanium structural parts necessary for mission-critical performance and efficiency in aerospace and defense applications, as well as forged wheels for commercial transportation. With nearly 1,150 granted and pending patents, its differentiated technologies enable lighter, more fuel-efficient aircraft to operate with a lower carbon footprint.