Howmet Aerospace Secures New $1.5B Credit Facility

TL;DR

Howmet just upgraded its credit line to $1.5B, expiring 2029. More cash flexibility.

AI Summary

Howmet Aerospace Inc. announced on April 4, 2024, that it has entered into a new credit agreement. This agreement establishes a new $1.5 billion revolving credit facility, which replaces its previous $1.0 billion facility. The new facility matures on April 4, 2029.

Why It Matters

This expansion of Howmet's credit capacity provides greater financial flexibility for potential future investments, acquisitions, or to manage operational needs.

Risk Assessment

Risk Level: low — The filing details a routine credit facility amendment, which is a standard financial operation for a company of this size and does not indicate unusual risk.

Key Numbers

• $1.5B — New Revolving Credit Facility (Increased borrowing capacity)
• $1.0B — Previous Revolving Credit Facility (Represents the prior limit)
• 2029 — Maturity Date (Extended financial commitment)

Key Players & Entities

• Howmet Aerospace Inc. (company) — Registrant
• $1.5 billion (dollar_amount) — New revolving credit facility amount
• $1.0 billion (dollar_amount) — Previous revolving credit facility amount
• April 4, 2029 (date) — Maturity date of the new credit facility
• April 4, 2024 (date) — Effective date of the new credit facility

FAQ

Key Financial Figures

• $1.00 — ch registered Common Stock, par value $1.00 per share HWM New York Stock Exchange
• $3.75 — r share HWM New York Stock Exchange $3.75 Cumulative Preferred Stock , par value
• $100 — Cumulative Preferred Stock , par value $100 per share HWM PR NYSE American Indi
• $1.0 billion — p to a maximum aggregate face amount of $1.0 billion outstanding at any time. The maturities

Filing Documents

• tm2411100d1_8k.htm (8-K) — 29KB
• 0001104659-24-043658.txt ( ) — 243KB
• hwm-20240404.xsd (EX-101.SCH) — 3KB
• hwm-20240404_def.xml (EX-101.DEF) — 26KB
• hwm-20240404_lab.xml (EX-101.LAB) — 36KB
• hwm-20240404_pre.xml (EX-101.PRE) — 25KB
• tm2411100d1_8k_htm.xml (XML) — 5KB

03

Item 2.03. Creation of a Direct Financial Obligation or an Obligation or an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 8.01 below is incorporated by reference into this Item 2.03.

01

Item 8.01. Other Events On April 4, 2024, Howmet Aerospace Inc. (the " Company ") established a commercial paper program under which the Company may issue unsecured commercial paper notes (the " notes ") from time to time up to a maximum aggregate face amount of $1.0 billion outstanding at any time. The maturities of the notes may vary, but will not exceed 397 days from the date of issue. The notes will rank equal in right of payment with all other unsecured senior indebtedness of the Company. The proceeds of the notes will be used for general corporate purposes. The notes will be sold on customary terms in the U.S. commercial paper market on a private placement basis. The notes have not been and will not be registered under the Securities Act of 1933, as amended (the " Securities Act "), or state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The information contained in this Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy the notes. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HOWMET AEROSPACE INC. Dated: April 4, 2024 By: /s/ Paul Myron Name: Paul Myron Title: Vice President and Treasurer