Alcoa (AA) has provided an announcement.
Following the completion of a significant transaction on August 1, 2024, Alumina Limited became an indirect wholly-owned subsidiary of Alcoa. Alumina Limited has a Facility Agreement with a $500 million revolving facility, with various tranches maturing from October 2025 to June 2027, and has drawn a total of $385 million from it. Concurrently, Alcoa issued over 4 million shares of new preferred stock with specific terms related to liquidation preference, cash dividend rights, and conversion, including provisions for CITIC to avoid exceeding regulatory limits on ownership. Additionally, Alcoa’s board expanded from ten to twelve directors, appointing two former Alumina Limited directors and amending its bylaws to streamline stockholder meetings and director nomination processes. The transaction’s completion was publicly announced via a press release on August 1, 2024.
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