May 5, 2017   SOURCE: BusinessWire

Arconic Completes Debt-For-Equity Exchange of Alcoa Corporation Common Stock; Reduces $800 Million of Debt Year to Date

Arconic Inc. (NYSE: ARNC) (“Arconic” or the “Company”) today announced the completion on May 4, 2017 of the exchange of its remaining 12,958,767 shares of common stock of Alcoa Corporation (“Alcoa”) for $428,635,000 aggregate principal amount of Arconic debt held by Citigroup Global Markets Inc. (“Citigroup”) and Credit Suisse Securities (USA) LLC (“Credit Suisse”). The debt-for-equity exchange is intended to qualify as generally tax-free to Arconic for U.S. federal income tax purposes. The completion of the debt-for-equity exchange marks Arconic’s exit of its ownership stake in Alcoa.

Arconic also today purchased with cash the remainder of the debt held by Citigroup and Credit Suisse: $1,961,000 in aggregate principal amount of Arconic’s 6.500% Senior Notes due 2018 and $79,517,000 in aggregate principal amount of its 6.750% Senior Notes due 2018.

Taken together, Arconic actions in 2017 have resulted in the Company reducing its total debt by approximately $800 million. As indicated at its December 2016 Investor Day, Arconic intends to reduce its debt by $1 billion in the first half of 2017.

About Arconic

Arconic (NYSE: ARNC) creates breakthrough products that shape industries. Working in close partnership with our customers, we solve complex engineering challenges to transform the way we fly, drive, build and power. Through the ingenuity of our people and cutting-edge advanced manufacturing techniques, we deliver these products at a quality and efficiency that ensure customer success and shareholder value. For more information: www.arconic.com. Follow @arconic: Twitter, Instagram, Facebook, LinkedIn and YouTube.

Dissemination of Company Information

Arconic intends to make future announcements regarding Company developments and financial performance through its website on www.arconic.com.

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