Howmet in $1.2 Billion Bond Offering

Cleary Gottlieb represented Howmet Aerospace Inc. (Howmet) in an offering of $400 million aggregate principal amount of its 3.75% notes due 2028, $300 million aggregate principal amount of its 3.9% notes due 2029, and $500 million aggregate principal amount of its 4.75% notes due 2036.

The note offering priced on February 17, 2026, and is expected to close on March 3, 2026, subject to customary closing conditions. The net proceeds of the note offering will be used, together with $600 million of borrowings under Howmet’s commercial paper program or debt facilities and cash on hand, to finance the purchase price for Howmet’s proposed acquisition of Consolidated Aerospace Manufacturing LLC, a leading global designer and manufacturer of precision fasteners, fluid fittings, and other complex, highly engineered products for demanding aerospace and defense applications. The transaction is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals.

Howmet, headquartered in Pittsburgh, Pennsylvania, is a leading global provider of advanced engineered solutions for the aerospace and transportation industries. Howmet’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. With approximately 1,170 granted and pending patents, Howmet’s differentiated technologies enable lighter, more fuel-efficient aircraft and commercial trucks to operate with a lower carbon footprint.

The Cleary corporate team includes partners Craig Brod and Francesca Odell, capital markets attorney Nina Bell, associate Dylan Sanders, and law clerk Ville Latola. Partner Matthew Brigham and associates Mingyu Tang and Michael Hughes are advising on U.S. tax matters. Partner Marcela Robledo and associate Lara Castellino are advising on intellectual property and cybersecurity matters. Partner Beau Sterling and associate Madison Bush are advising on environmental matters. Associates Ben Rosenblum and James Gordy are advising on issues relating to the ’40 Act.