Alumina Pty Ltd and Alcoa Nederland Holding B.V.’s $2.6 Billion High‐Yield Senior Notes Offering

Cravath represented the initial purchasers in connection with the $2.6 billion 144A/Reg S. high-yield senior notes offering of Alumina Pty Ltd and Alcoa Nederland Holding B.V., wholly owned subsidiaries of Alcoa Corporation, a global industry leader in the production of bauxite, alumina and aluminum products. Proceeds of the offering will be used to finance Alcoa Corporation's acquisition of the interests of South32 Limited in bauxite mine, alumina refinery and certain aluminum smelter operations. The transaction closed on September 23, 2026.

The Cravath team included partner Ryan J. Patrone and associates Courtney T. Seager, Nathaniel E. Hatter, Q. Cindy Yuan and Yang Hyun (Yanni) Cho on capital markets matters; partner Arvind Ravichandran and associates Cameron Averill and Jonathan Jiang on tax matters; and of counsel Annmarie M. Terraciano on environmental matters.