Item 1.01 Entry into a Material Definitive Agreement.
On
The Amended Revolving Credit Agreement provides additional flexibility to the
Company and the Borrower by increasing the leverage ratio limit for any fiscal
quarter ending between
Under the terms of the Amended Revolving Credit Agreement, the Borrower paid to the Administrative Agent, for the benefit of each lender who timely entered into the Amendment, an amount equal to 0.10% of the amount of such lender's commitment under the Original Revolving Credit Agreement immediately prior to the effectiveness of the Amendment.
The Amended Revolving Credit Agreement contains customary affirmative covenants, negative covenants, and events of default substantially comparable to the Original Credit Agreement (other than those that are described above and other minor changes). The obligations of the Company or its subsidiaries under the Amended Revolving Credit Agreement, and all other obligations under the Amended Revolving Credit Agreement, are guaranteed and secured in the same manner as the Original Revolving Credit Agreement. The representations, warranties and covenants contained in the Amended Revolving Credit Agreement were made only for purposes of that agreement and as of specific dates and were solely for the benefit of the parties to the Amended Revolving Credit Agreement. Information concerning the subject matter of the representations, warranties and covenants may change after the date of the Amended Revolving Credit Agreement.
The aggregate amount of commitments under the Amended Revolving Credit Agreement
remains at
The foregoing description of the Amended Revolving Credit Agreement is not
complete and is subject to, and qualified in its entirety by reference to, the
full text of the Amendment, which will be filed as an exhibit to the Company's
Quarterly Report on Form 10-Q for the quarter ended
In the ordinary course of their respective businesses, the lenders and issuers under the Amended Revolving Credit Agreement, or their affiliates, have performed, and may in the future perform, commercial banking, investment banking, trust, advisory or other financial services for the Company and its affiliates for which they have received, and will receive, customary fees and expenses.
Item 2.02 Results of Operations and Financial Condition.
On
The information contained in this Item 2.02 shall be deemed "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing. --------------------------------------------------------------------------------
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under "Item 1.01 Entry into a Material Definitive Agreement" of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.
Item 8.01 Other Events.
On
The Company will record estimated restructuring charges
of approximately
The Intalco smelter's current employment of approximately 700 will be significantly reduced as part of the curtailment.
In addition, on
A copy of the related press release is attached hereto as Exhibit 99.1.
Forward-Looking Statements
This Current Report on Form 8-K contains statements that relate to future events
and expectations, including those relating to (i) curtailment of the Intalco
smelter and the Company's expectations regarding the timing of the curtailment
activities and types and estimates of associated costs and financial impact, and
(ii) cash initiatives planned for 2020, including the Company's expectations
regarding the type, amount, timing, and associated financial benefits of such
actions, and as such constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
include those containing such words as "anticipates," "believes," "could,"
"estimates," "expects," "forecasts," "goal," "intends," "may," "outlook,"
"plans," "projects," "seeks," "sees," "should," "targets," "will," "would," or
other words of similar meaning. All statements by the Company that reflect
expectations, assumptions or projections about the future, other than statements
of historical fact, are forward-looking statements. Forward-looking statements
are not guarantees of future performance and are subject to known and unknown
risks, uncertainties, and changes in circumstances that are difficult to
predict. Although the Company believes that the expectations reflected in any
forward-looking statements are based on reasonable assumptions, it can give no
assurance that these expectations will be attained and it is possible that
actual results may differ materially from those indicated by these
forward-looking statements due to a variety of risks and uncertainties.
Additional information concerning factors that could cause actual results to
differ materially from those projected in the forward-looking statements is
contained in the Company's filings with the
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit number Description 99.1 Press release ofAlcoa Corporation datedApril 22, 2020 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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